North Dakota – In the first quarter of 2021 North Dakota’s taxable sales and purchases recorded a 10% fall over the same period last year.
Purchases and taxable sales for the first quarter totalled $4.1 billion, a 9.9% decline over the first quarter in 2020.
According to Tax Commissioner Ryan Rauschenberger, this drop was due to the coronavirus pandemic’s impact on the state’s economy.
While most parts of North Dakota reported decline, Bismarck, Fargo, Grand Forks and Minot all reported increase, with Fargo leading the way with 17.6%.
10 of the 15 key industry sectors experienced decrease over the year. Fall of nearly $438 million or 59% was recorded in the mining and oil extraction sector. $250 million decrease was recorded in the wholesale trade sector.
Taxable sales and purchases in North Dakota are an important measure of the state’s economic activity. They also are used to forecast state budgets.
