Tax Commissioner Brian Kroshus has announced that North Dakota’s taxable sales and purchases for the third quarter of 2024 have remained steady compared to the same period in 2023. For July, August, and September of 2024, taxable sales and purchases totaled $7.2 billion.
“Consistent with the preceding quarter, there continues to be a leveling off of the state’s economy,” said Commissioner Kroshus. “Moderating commodity prices compared to last year, at least in part, influenced economic activity in both the agricultural and energy sectors, as reflected in the associated revenue collection figures.”
Notably, nine major industry sectors reported increases in taxable sales and purchases compared to the third quarter of 2023. Significantly, the utilities sector saw a $53 million increase, marking a 67.5% rise. The state’s largest sector, retail trade, showed a slight increase compared to the same period last year, while health care and social assistance posted a modest decrease of 10.4%.
Performance of the top five categories:
• Wholesale Trade – Decrease of 5.41%
• Mining, Oil & Gas Extraction – Decrease of 8.91%
• Accommodation and Food Services – Decrease of 0.67%
• Manufacturing – Increase of 12.02%
Percent changes for the third quarter of 2024 (compared to the second quarter of 2023) for the four largest cities in North Dakota were as follows:
• Bismarck – Decrease of 0.08%
• Fargo – Decrease of 3.58%
• Grand Forks – Decrease of 0.76%
• Minot – Decrease of 5.88%
Of the 50 largest cities in North Dakota, the highest percentage of increases for the third quarter of 2024 (compared to the second quarter of 2023) were as follows:
• Garrison – Increase 34.53%
• Mayville – Increase 25.71%
• Mandan – Increase 22.15%
• Grafton – Increase 18.77%
• Velva – Increase 18.16%
Counties with the highest percentage of increases for the second quarter of 2024 (compared to the second quarter of 2023) were as follows:
• Sioux County – Increase 69.89%
• Bowman County – Increase 28.86%
• Bottineau County – Increase 23.04%
• Morton County – Increase 19.90%
• Traill County – Increase 17.15%
“While performance in the third quarter remained steady, it’s worth noting that economic activity in North Dakota’s smaller, rural communities outpaced their larger counterparts in the state, an emerging pattern to monitor as we balance the rest of the year,” said Commissioner Kroshus. “While the overall economy of North Dakota continues to be resilient, particularly following significant gains experienced in 2022 and 2023, we will continue to monitor the direction of both the state and national economy as we approach the new year.”
For more information on North Dakota tax-related programs, please visit the Office of the State Tax Commissioner’s website at tax.nd.gov or connect with us on social media.