Posted 7/04/18 (Wed)
By Neal A. Shipman
The rebound in oil prices which has resulted in an increase in drilling activities and well completions in McKenzie County is translating into a skyrocketing surge in the growth of taxable sales and purchases in Watford City and McKenzie County.
After seeing taxable sales and purchases increase by 27 percent during the 2017 calendar year, Watford City and McKenzie County sales numbers dwarfed those gains in the first quarter of 2018 according to the latest data from the North Dakota Tax Department.
In the first quarter of 2018, Watford City’s taxable sales and purchases were $50,523,814, a 40.63 percent increase from sales of $35,926,472 during the first quarter of 2017. Likewise, McKenzie County saw a similar gain with first quarter sales growing from $41,664,520 to $57,221,683, a 37.32 percent increase.
The state’s other oil patch cities and counties saw similar increases in taxable sales and purchases, while most other cities across the state, including the major cities of Fargo, Grand Forks, Bismarck, Minot, Mandan, Jamestown, Valley City and Wahpeton saw sales decline during the first quarter of 2018.
Which points to the positive impact that the energy industry is having not only on the oil patch region’s economy, but on the state’s total economy as well.
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