Updates
Later, 11:20 pm: As you read the post below, consider this: the Bakken boom started in Montana in 2000. It started in North Dakota in 2007. This is either the fifth year or the twelfth year. Taxable sales and purchases increased by 40% over the previous year. A year ago, taxable sales and purchases were already setting records; in fact in 4Q11 was the first time TS&P increased by 40% you, and now, here "we" do it again. Had it just stayed even it would have been quite a story, but to do it again -- to increase 40% you again -- in a boom year one year ago -- that is the real story. I seriously doubt "we" will see this in 2Q13.
Original Post
This is an incredible story: the sales tax collections across North Dakota. Numbers rounded.From The Bismarck Tribune, for the 2nd calendar quarter, 2012 (April, May, and June), North Dakota taxable sales and purchases increased by 40% over previous year.
Data points:
- 14 of 15 sectors in North Dakota reported gains year-over-year
- wholesale trade: up $500 million
- transportation and warehousing: up by 90% (sector with greatest growth by percent)
- construction: up 80%
- mining and oil extraction: up 65%
- financial, insurance, real estate, rental: up 50%
- manufacturing: up 50%
- New Town: up 185%
- Tioga: up 135%
- Cavalier: up 115%
- Watford City: up 75%
- Williston: up 60% -- almost did not make the top 5!
- Mandan: up 20%
- Bismarck: up 20%
- McKenzie: up 80%
- Williams: up 75%
- Mountrail: up 65%
Cavalier is certainly an outlier: it is located in the far northeastern corner of the state, a long, long way from the oil patch. Maybe a reader will be able to explain why Cavalier made the top five. I did a short search but could not find any reason. Something going on with the Air Force Station there?
