North Dakota’s 1Q taxable sales, purchases drop nearly 10%
BISMARCK, N.D. (AP) — North Dakota’s taxable sales and purchases for the first quarter of 2021 fell nearly 10% over the same period the previous year.
Taxable sales and purchases for January, February and March totaled $4.1 billion, a 9.9% decrease over the three-month span in 2020.
Tax Commissioner Ryan Rauschenberger said the drop was due to the coronavirus pandemic’s impact on the state’s economy. Despite the decline statewide, Fargo, Bismarck, Grand Forks and Minot all reported increases, led by Fargo at 17.6%
Ten of the 15 major industry sectors reported declines over the year. The mining and oil extraction sector decreased by $438 million, or about 59%. The wholesale trade sector decreased by $250 million, a 23.5% drop.
North Dakota’s taxable sales and purchases are a key indicator of economic activity in the state. They also are used to forecast state budgets.
This story’s summary and second paragraph have been corrected to show that the change was a decrease, rather than an increase.