HomeMy WebLinkAbout2024_12 SALES TAX REPORT GENERAL
$38.2M
Sales tax revenue collected through
December 2024
0.2%
Overall increase in sales tax over
same period prior year
27%
Represents Services, the highest sales
tax industry YTD
Highlights:
• December month-to-date sales tax revenue (for October 2024 activity*) is $2.9 million, 5.7% below December
month-to-date budget.
• December 2024 sales tax revenue is $392K less than December 2023, primarily driven by the decrease in the
construction sector.
• Industries with largest increase through the same period prior year:
o Transportation: $626K
o Wholesale Durable Goods: $231K
o Transportation Equipment: $185K
• Industries with largest decrease through same period prior year:
o Construction of Buildings: $(940)K
o Hospitals: $(181)K
o Misc Retail Trade: $(176)K
$%$%
General Retail 10,317 9,729 9,431 10,085 (654) -6.5%(298) -3.1%
Construction 4,449 6,336 5,438 4,766 672 14.1%(898) -14.2%
Services 9,673 9,932 10,256 9,159 1,096 12.0%323 3.3%
Automotive/Gas 7,435 6,446 6,428 6,777 (350) -5.2%(18) -0.3%
Manufacturing 2,013 2,362 2,509 2,055 454 22.1%146 6.2%
Wholesale 2,506 2,173 2,305 2,149 155 7.2%131 6.0%
Miscellaneous 1,122 1,128 1,810 1,021 789 77.3%682 60.4%
Total Retail Sales Tax 37,515$ 38,107$ 38,176$ 36,013$ 2,162$ 6.0%69$ 0.2%
Sales Tax - Budget to Actual Comparison
YTD thru December
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
December 2024
*state remits to city on 2-month lag