Minot Economy Booming - KXNet - Bismarck/Minot/Williston/Dickinson

Minot Economy Booming

The overall economy in Minot has continued to boom in recent years and 2012 was no exception.
Jordan Pederson shows us how the sales tax has increased over the past year --- and the unemployment rate has taken a dip in North Dakota.

There is no question that Minot has been enjoying a boom economy.
Taxable Sales and Purchases for the second quarter of Minot are up about 1.1 million dollars.
The 2011 second quarter taxable sales and purchases were approximately 3.24 million dollars compared to this year's 4.34 million dollars.
The increase can be attributed to Minot's brisk business and the increased number of visitors to the area.
(Wendy Howe, Executive Director, Minot Convention and Visitors Bureau) "People that are new to the area, that are in the western part of the state, that are in our area that are shopping and coming in and taking in events and leaving dollars here in the community."
But these visitors aren't coming from just the west.
(Wendy Howe, Executive Director, Minot Convention and Visitors Bureau) "The economy is booming not only from the new people that are residing in the area but definitely the Canadians that are back shopping in Minot."
Regardless of where people are traveling from.. they are having an economic impact on Minot.
(Wendy Howe, Executive Director, Minot Convention and Visitors Bureau) "Those visitors are also impacting the residents of Minot by being able to bring down the property tax a little bit, by being able to give some dollars into economic development that brings more businesses to Minot and also the infrastructure."
Lodging Tax has definitely seen a bump as well.
The year to date lodging tax rate is up 1.25 million dollars from October of 2011 to October of this year.
And unemployment rates for Minot have decreased in the last year as well.
In September 2011 Minot's unemployment rate was at a 2.9 percent.
It has dropped .7 percent to a minuscule 2.2 percent compared to the U.S. unemployment rate that sits at 7.6 percent.
So although Minot is more crowded these days, these visitors are helping the Minot community thrive.
(Wendy Howe, Executive Director, Minot Convention and Visitors Bureau) "Those visitors that spend dollars have a tremendous economic impact that drives the community because those dollars trickle down into all businesses."
Jordan Pederson, KX News.

Ward County's unemployment rate has also decreased --- in 2011 it was at 2.9 percent and in 2012 --- 2.4 percent.