State Tax Commissioner Brian Kroshus says new numbers showing taxable sales in 2025 highlights an economic slow-down late in the year. Prairie Public's Todd McDonald has details...
"Commissioner Kroshus says the year-end taxable sales in North Dakota were up by a modest 2.7 percent. Similar gains were posted in seven of the eight major cities. Fargo was the only one to post a decrease at 1.61 percent.”
Kroshus says while the state and its residents were on solid footing, the numbers mapped out a slowdown and its impact.
“They continued to make purchases, albeit a little more selective during the holiday season, a little less eating out as we got into that holiday period, and more just buying tangible goods, presents, if you will, for loved ones and friends. At least that's what the numbers suggest.”
Along with the cautious consumer scenario, Kroshus says the numbers point to an area the state needs to be more cognizant of, economic diversification.
“But I think more diversification takes these periods that tend to be always somewhat unpredictable and in the current environment, very unpredictable. It helps smooth those cycles out, and that's just good for the long-term health of our economy.”
Kroshus says it's been proven that value-added agriculture is an effective way to expand on what farmers and ranchers produce in the state. And he says this can also be applied to the state's energy sector.
“Wherever we can take the inputs, our raw products that we produce, and take them a step further and refine them to the extent possible for future sale, that is a great area to look. And then beyond that, constantly exploring not only opportunities that complement existing resources, but even step beyond that so we don't have all our eggs in one basket.”
Kroshus says it's a matter of keeping our eyes and ears open for new opportunities.
