Posted 5/08/19 (Wed)
By Neal A. Shipman
The Bakken is definitely humming right along. And the increase of oil activity in the core region of the Bakken is not only driving taxable sales and purchases to near record levels in those counties and communities, according to the latest information from the North Dakota Tax Department, it is also driving virtually all of the sales and purchases growth in North Dakota.
As a state North Dakota saw its taxable sales and purchases increase by over $2.25 billion, up 12.54 percent, from 2017 to 2018. But much of that growth came directly from the state’s oil-producing region.
“A 12 percent annual growth rate is the largest year-over-year increase in our taxable sales and purchases since 2012,” stated Ryan Rauschenberger, North Dakota Tax commissioner. “We are continuing to see growth in our sectors related to the oil and gas industry.”
Fueled by a resurgence in oil prices and increased drilling activity in the county and state’s core area of the Bakken, Watford City along with Alexander and McKenzie County showed some of the state’s highest percent gain in taxable sales and purchases in 2018.
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