Click here for ULCT Economist Doug Macdonald’s quarterly construction report for Salt Lake County and and the state.
April’s local 1% distribution came up on the Tax Commission website last week and at $35.98M was off 0.8% compared to a year earlier. Even though the last two distributions were flat compared to last year, the 13.0% gain in February’s distribution pushed up the 3-month average to a 5.5% gain. For the fiscal year, the statewide distributions are up 5.6% compared to fiscal year 2014.
Nationwide, retailers sales were up 1.7% in February, with fairly strong auto sales.
Salt Lake City’s computed sales were up 10.1% in the April distribution, representing largely sales from February. Its distribution was up 4.7% for the month and up 5.8% for the fiscal year. Sandy’s distribution was up 5.3%, implying a direct sales increase of 11.4% for February. The distribution in Draper was up 16.4% in April, implying a 33.6% gain in sales.
In Davis County, Centerville’s distribution 7.6% gain led other cities. Layton and Farmington trailed Centerville with 3% gains.
In Weber County, Ogden and Roy’s distributions fell about 1%.
Lehi’s sales rose 17.6% in April, similar to Draper’s 16% gain, indicating strong growth is clustering there due to an influx of new businesses and homes.
Sales in St. George, Tooele and Moab rose between 5% and 8%.
April 27, 2015 Tax Commission’s revenue report describes lightly weakening, but overall strong, revenue picture
The Tax Commission’s 9-month revenue report came out yesterday described a picture of slightly weakening, but overall still strong revenues.
State sales tax (cumulative, fiscal year 2015) growth slipped from 4.5% to 3.8% for the first 9 months of FY2015. For the month, state sales taxes fell 2.7%. But we note that the sales tax earmark for the Transportation Fund’s” 30% Sales Growth Diversion” rose 85.1%, $12.4 million this month, to $96.4 million during the first 9 months (compared to $84 million last year).
Indicating continued strong growth in Utah wages, the State’s withholding tax is up 6.2% during the first 9 months of FY2015. Overall, individual income taxes are up 7.6% this year compared to the 5% forecast made in February. Corporate income taxes are up 22.5% in the first 9 months, compared to the February forecast of 18.8%.
Motor fuel taxes are up nearly 3% in the first 9 months, indicating increased driving due to lower gasoline prices. This should help our B&C distributions.
Finally, the local 1% sales tax was up 2.7% for the month and 4.0% for the first 9 months of the State’s fiscal year at $389.4 million (this is found in a detailed report not below). The County 0.25% tax is up 3.6% for the first 9 months of FY2015.
The Tax Commission distributed $37.73 million to Utah’s cities, towns and counties for the 1% local sales tax last week, up 1.7% from last year’s $37.11 million. These monies represent mainly sales from January 2015 large, monthly filers. At first glance, the 1.7% increase appears low, but coupled with the 13% gain from last month’s 4th quarter sales and the 3.7% gain in the January distribution, the last three months’ gain equals a healthy 6.8%. It is also possible that some of January’s transactions were counted last month, which lowered January’s gain.
Retail sales across the U.S. rose 3.2% in January, and new light-vehicle sales rose from 15.2 million last year to 16.6 million in January 2015, up 9.2%.
What’s interesting with this month’s distribution is the fact that while Salt Lake and Weber counties grew along with the statewide growth of 1.7%, Davis County’s distribution rose 5.1%, implying an 8.5% sales gain and Utah County’s distribution rose 3.9%, implying a 6.2% sales increase.
In Salt Lake County, double-digit gains in Draper and South Jordan were almost offset by small declines in Sandy, Holladay and Midvale. Salt Lake City’s distribution was up only 0.5%, but its 3-month average gain was still up 6%.
Davis County gains ranged from 2.3% in Kaysville to 16.3% in Farmington, while its largest cities, Bountiful and Layton, scored 5.1% and 4.2% increases, respectively.