State budget report shows strong economic growth

Published: Jan. 14, 2020 at 7:01 PM CST
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The Office of Management and Budget Director Joe Morrissette says the state's economy is healthy after his office released the 2019 Comprehensive Annual Financial Report (CAFR) Tuesday.

Morrisette says part of North Dakota's positive outlook is because of its relatively low amount of debt compared to other state governments.

He says that over the past few years, assets have increased much faster than liabilities.

This is helped by continued growth in the oil industry.

"For the state's financial position, you know there's a strong impact from oil activity, not just the oil tax revenues that we collect as a state, that activity filters through the sales and use tax collections, the sales and use tax is the largest single component of the general fund,” said Morrissette.

He also says the CAFR only covers through June of 2019, and since then, economic indicators are still improving.