BISMARCK, N.D. (AP) — North Dakota Tax Department records show the state’s economy slowed last year due to low crop prices and a sustained oil industry slump.
North Dakota’s taxable sales and purchases are a key indicator of economic activity in the state. Tax Commissioner Ryan Rauschenberger (RAW’-shun-bur-gur) says North Dakota’s taxable sales and purchases decreased nearly 19 percent in 2015 to $22.9 billion. Taxable sales and purchase in the prior year were a record $28.2 billion.
Rauschenberger says only five of the 15 major industry sectors had growth from 2014 to 2015. Mining and oil extraction had the biggest drop, at more than 38 percent.
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