January 4, 2013 Key Municipal Revenue Source up 9.6%
Statewide the 1% local sales tax was up 9.6% for December at $35.38 million. Most major cities fared well except for Sandy and Murray. Salt Lake City’s distribution was up 9.2% at $3.66 million, very close to the statewide growth. Draper, South Jordan, Provo, Bountiful, and Layton had distribution growth ranging from 10.7% to 14.3%.
Boosting taxable sales growth is the resurgence in residential construction, where new permit values were up 39% statewide and 121% in Salt Lake County for the month of October. Construction growth tends to drive taxable sales from two to four quarters out into the future, based on our econometric models.