July 6, 2017

End of the bust?

Sales and purchases level off
By Jerry W. Kram
The steep declines in sales and purchases in North Dakota may be leveling off, possibly signaling an end of the economic decline of the last two years.
According to information from the North Dakota Tax Department, the state suffered double digit drops in sales tax collections for the last two years. The report for the first quarter of 2017 still shows a decline of 5 percent from the same period in 2016, but that is an improvement said Tax Commissioner Ryan Rauschenberger.
“For the past two years, taxable sales and purchases have seen quarterly declines in the double-digits,” Rauschenberger stated. “Having a drop of just 5 percent brings us much closer to the new normal we’ve been anticipating.”
Smaller communities in the Bakken bounced back strongly. Revenues in Stanley showed the biggest jump in the entire state, climbing 32 percent from $14 million to nearly $19 million over last year. New Town also experienced a double digit jump, growing from $14 million to $16.5 million, an increase of nearly 17 percent.

The Weather Network