Maybe I don’t know WTF I am talking about, but am I the only one that thinks this is happening because prices continue to rise?
Despite an uncertain national economy, city officials say Sioux Falls’ economy continues to gain strength, evidenced in part by steady sales tax growth above 4 percent the past several months.
City sales tax receipts ended the third quarter up 4.6 percent over the same period a year ago. That makes six consecutive months with year-to-date growth above 4 percent, according to the most recent sales tax information.
“Month by month, we continue to see improvements in our economic indicators here locally,†City Finance Director Tracy Turbak said.
While it is very nice to see tax revenue is up, that small percentage is telling me it has to do with inflation. When the economy hit rock bottom last year, there was actually deflation, which resulted in revenue being down. You should always be at a positive, even when there is a recession due to increasing prices and costs.
Councilman Dean Karsky said he’s optimistic the momentum will continue through the end of the year, especially on the brink of the holiday shopping season.
Thanks Dean for that valuable information. Who knew? Is there anything you would like to share with us about the Easter Bunny?