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Home of Economy sign in Williston, North Dakota. (Image: Jasperdo via Flickr)

North Dakota taxable sales, purchase drop 19 percent in 2015

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.

In related news, North Dakota gasoline prices remain below $2 on average.

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