|FOR IMMEDIATE RELEASE||Contact: Kathy Strombeck, Supervisor, Research & Communication, 701.328.3402|
|Wednesday, October 3, 2012||Beth Boustead, Public Information Specialist, Office of State Tax Commissioner, 701.328.3039|
Fong: Taxable Sales and Purchases Grew 41 Percent in 2nd Quarter
BISMARCK, N.D. – Tax Commissioner Cory Fong announced today that during April, May, and June retail sales grew to $1.607 billion, driving a combined growth to over $6.406 billion for all fifteen industry sectors for a 41.5 percent growth in total taxable sales and purchases compared to the same months in 2011.
"The second quarter report for taxable sales and purchases illustrates continued momentum in North Dakota's economic growth that is spread across nearly all major industry sectors," said Fong. "Consumer confidence remains strong and businesses are growing –wholesale trade is robust and manufacturing is on the rise. And just about everywhere you go across North Dakota, there are large constructions projects in progress."
Fourteen of the fifteen industry sectors reported gains when compared to the same time one year ago. The wholesale trade sector grew by $536 million, representing the largest dollar increase of all industry sectors during the 2nd quarter while the transportation and warehousing grew 88.3 percent, the largest percentage growth of the major industry sectors.
Other industry sectors showing gains include miscellaneous sector grew 107.9 percent; construction grew 83.4 percent; mining and oil extraction grew 65.1 percent; wholesale trade was up 52.5 percent; financial, insurance, real estate, rental and leasing grew 48.7 percent; manufacturing rose 49.5 percent; educational, health care, and social services was up 33.9 percent; other services grew 28.4 percent; retail trade was up 21.4 percent; professional, scientific, technical, and management services grew 20.5 percent; arts, entertainment and recreation grew 20 percent; accommodation and food services grew 19 percent; and information industries was up 10.5 percent.
The utilities sector was the only sector reporting a drop during the second quarter, declining by 3.4 percent when compared to the same timeframe 2011.
"Agriculture continues to be a key component for our state's economy," said Fong. "An early and mild spring this year allowed our farmers to get a head start on planting. The third and fourth quarter reports will reflect the results of our producers' harvest, which will help determine what impact this summer's persistent heat and dry conditions may have had on our agricultural industry."
Of the 50 largest cities, the biggest percentage increases for the second quarter of 2012 include New Town, up 185 percent; Tioga, up 136.2 percent; Cavalier, up 116.5 percent; Watford City, up 74.6 percent; and Williston, up 57.9 percent.
Of the 50 largest cities, the biggest percentage decreases include Kenmare, down 30 percent; Walhalla, down 26.5 percent; Park River, down 12.4 percent; Casselton, down 12.3 percent; Ashley, down 11.1 percent.
Counties with the highest percentage increases were McKenzie, up 78 percent; Williams, up 74.2 percent; Mountrail, up 66.9 percent; Dunn, up 64.3 percent; and Stark, up 61.1 percent.
The counties with the biggest percentage decreases were Sioux, down 82.4 percent; Benson, down 35.5 percent; Grant, down 22.2 percent; Emmons, down 12.7 percent; and Richland, down 8.9 percent.
Complete North Dakota Sales and Use Tax Statistical Reports from Second Quarter 2012 can be accessed on the web at: www.nd.gov/tax/salesanduse/pubs
# # #