Energy sector drives taxable sales up

DICKINSON - It appears North Dakota enjoyed a good holiday shopping season as retail taxable sales and purchases increased 8.95 percent in the state during the fourth quarter of 2007 when compared to the year previous.

The fourth quarter figures also reflect a serious positive fingerprint from the mining and oil extraction industry, while wholesale trade, transportation and warehousing and financial and real estate sectors also saw double digit percentage increases.

All of which helped to produce substantial increases in taxable sales and purchases for five of the eight counties in southwestern North Dakota.

“This is a great report, offering positive news for North Dakota,” state Tax Commissioner Cory Fong was stated as saying in a press release announcing Thursday’s figures. “Even with growing concerns about the national economy, North Dakota’s consumers remained upbeat during the holiday shopping season.”

Stark County saw the largest dollar increase in the region of about $7.5 million as taxable sales and purchases reached $93,177,419. Slope County enjoyed the largest percentage increase in the region at 63.29 percent as taxable sales reached $325,111, compared to $199,097 in 2006.

Dunn County enjoyed the second largest percentage increase in the region at 59.88 percent, which translated into a $1.68 million increase to $4,492,952. Golden Valley County saw a 36.19 percent hike that translated into a $1.26 million increase to $4,736,573.

Hettinger County saw a 13.6 percent increase as taxable sales and purchases rose $317,000 to $2,645,393. Adams County produced the smallest percentage increase at 4.32 percent as its overall sales and purchases reached $4,711,506.

Bowman County saw a 4.17 percent decrease for the fourth quarter as sales dropped to $7,863,834. Billings County saw the largest percentage decrease in the region at 11.03 percent in slipping to $1,158,950 in sales and purchases.

As for totals of the largest 50 cities, Dickinson enjoyed a $7.5 million increase to $85,357,982, or a 9.67 percent hike. Beach enjoyed a 37.81 percent increase, or $1.24 million to $4,503,766.

Hettinger saw a 3.52 percent increase to $4,550,220, while Bowman dropped 6.46 percent to $7,002,810.

The state retail taxable sales and purchases increased by $98.7 million to $1,201,219,962. Mining and oil extraction increased by $56.1 million to $103,044,599.

Wholesale trade jumped $86.3 million to $507,242,725, while financial and real estate rose $10.2 million to $90,096,647 and transportation and warehousing jumped $3.6 million to $23,568,125.

“We continue to keep an eye on agricultural-related activity,” Fong stated in the press release. “While robust prices for major commodities have produced strong income for our farmers, rising input costs and uncertain spring and summer weather conditions could impact our producers in the state.”

Tags: energy, sector, drives, taxable, sales, up