By Brittney Sherman — eNewsletter, News
The 2Q2022 sales tax revenue report has been released. View the full report HERE or skim the high level takeaways below. Although sales tax collections continue to soar quarter over quarter, experts predict much slower growth towards the end of 2022 and into 2023, as actions to curb inflation are implemented and comparisons between pandemic and post-pandemic sales tax revenue months become obsolete.
- Between the months of April-June, Santa Clara County Sales Tax collections grew 8.7% and Morgan Hill Sales Tax collections grew 10.5%, compared to these same months last year.
- After seven quarters of consistent growth, collections from the auto and transportation group dipped, mostly due to rising interest rates and inflation.
-Conversely, rising fuel costs and the return of travel activity resulted in service station collections increasing 35% over 2021.
- Morgan Hill’s business and industry group experienced an increase in collections, thanks to electrical equipment and light industrial materials sales.
- Statewide, local one cent sales and use tax increased 10% over 2021, marking the sixth consecutive quarter of double digit growth.
Have questions? Contact City of Morgan Hill Economic Development Director Matt Mahood at Matt.Mahood@morganhill.ca.gov