ND taxable S & P’s show healthy gains

North Dakota’s taxable sales and purchases for the first quarter of 2023 are up 21.4% compared to the same timeframe in 2022. Taxable sales and purchases for January, February and March of 2023 were $5.7 billion.

Fourteen out of 15 major industry sectors report taxable sales and purchases increases when compared to the first quarter of 2022. Most notably, the mining and oil extraction sector increased by $258 million (a 58.8% increase) and the wholesale trade sector increased by $429 million (a 40.8% increase).

Tax Commissioner Brian Kroshus says “We experienced significant year-over-year growth throughout 2022 in taxable sales and purchases. That same growth is continuing into 2023, reflecting our strong state economy.”

Percent changes for the first quarter of 2023 (compared to the first quarter of 2022) for the four largest cities in North Dakota were as follows:
Bismarck – Increase of 5.7%
Fargo – Increase of 5.5%
Grand Forks – Increase of 7.3%
Minot – Increase of 15.5%