December Sales Tax numbers up
According to a report released by Bonneville Research, December’s sales tax revenue was up in Park City despite a seven percent decrease in the city’s population, a potential sign of market recovery. Tax revenue increased by 9.4 percent, increasing from $245,645 in Dec. 2010 to $268,852 in Dec. 2011.
"The numbers were distributed on where the sale took place and what proportion that area has of state’s total population," said Bob Springmewer, the Bonneville Research President. "It’s point of sale and population."
Springmewer said Utahns, and Park City residents, could feel good about Decembers numbers, which show more consumer trust in the market.
"These numbers reflect that the economy was a little better this year than last even though we’ve had poor snow," he added. "We got off to a great start with the travel and tourism industry, and had a reasonably strong carry over from the fall season."
Springmewer speculated that the strong numbers may not continue as new sales tax numbers are released because of the poor snow fall in the region.
The state as a whole gained 20.2 percent in sales tax revenue in the same time period, also with a decrease of 0.7 percent in the population.
Information from the report was provided by the Utah State Tax Commission.
With 40,000 square feet of retail space, 234 condos and something called a “ski beach,” the Pendry project will be a major addition to Canyons Village.