By Brittney Sherman — eNewsletter, News
The first quarter 2023 sales tax results showed minimal growth for Santa Clara County (+0.2%) and reductions for the City of Morgan Hill (-1.1%) and California statewide (-1.1%). When compared to first quarter 2022, Morgan Hill’s Autos and Transportation State and County Pools, and Restaurant and Hotel industry groups all experienced growth, while it’s Fuel and Service Station, Business and Industry, and Building and Construction groups showed losses. Significant nationwide decreases in the price of gas (20%) and the price of lumber (60%), in addition to a decline in citywide electronic sales, are the main factors behind the City’s negative first quarter sales tax results. However, the top 25 sales tax generating businesses citywide continue to be largely represented by auto dealers, big box retailers, grocery stores, and gas stations.
Statewide, California sales tax results for the 2022/2023 fiscal year are projected to yield a 2.2% growth, where it’s 2023/2024 fiscal year is projecting a 0.7% decrease.
Read the full report HERE.