HomeMy WebLinkAbout2024_11 SALES TAX REPORT GENERAL
$35.3M
Sales tax revenue collected through
November 2024
1.3%
Overall increase in sales tax over same
period prior year
27%
Represents Services, the highest sales
tax industry YTD
Highlights:
• November month-to-date sales tax revenue (for September 2024 activity*) is $3.1 million, 2.2% below
November month-to-date budget.
• November 2024 sales tax revenue is $232K less than November 2023, primarily driven by the decrease in the
construction sector.
• Industries with largest increase through the same period prior year:
o Transportation: $628K
o Heavy and Civil Construction: $272K
o Wholesale Durable Goods: $222K
• Industries with largest decrease through same period prior year:
o Construction of Buildings: $(810)K
o Misc Retail Trade: $(178)K
o Hospitals: $(175)K
$%$%
General Retail 9,538 8,911 8,716 9,278 (563) -6.1%(195) -2.2%
Construction 4,040 5,701 5,055 4,341 714 16.5%(646) -11.3%
Services 8,770 9,127 9,470 8,356 1,113 13.3%343 3.8%
Automotive/Gas 6,754 5,913 5,925 6,206 (281) -4.5%13 0.2%
Manufacturing 1,867 2,155 2,280 1,872 408 21.8%125 5.8%
Wholesale 2,294 1,979 2,111 1,954 157 8.1%132 6.7%
Miscellaneous 1,011 1,024 1,713 925 788 85.2%689 67.3%
Total Retail Sales Tax 34,274$ 34,809$ 35,269$ 32,932$ 2,337$ 7.1%460$ 1.3%
Sales Tax - Budget to Actual Comparison
YTD thru November
in thousands
2022
YTD
2023
YTD
2024
YTD Budget
Over/(Under)
YTD Budget
Increase/(Decrease)
from Prior Yr2024
YTD
CITY OF RENTON
SALES TAX SUMMARY
November 2024
*state remits to city on 2-month lag