Edmond sees record-high tax collections

Edmond saw record sales tax collections in April. Collections totaled $6,889,027—the highest amount ever for Edmond.

Driving this increase were record-breaking collections in North American Industry Code System (NAICS) category 444: Building Materials & Hardware Stores. The category, which includes collections from home centers; hardware stores; building material dealers; paint and wallpaper stores; nursery stores; garden center; and farm supply stores reached more than $1 million in collections for the first time ever.

Contributing to these impressive numbers is the continued growth in the residential market, with a nearly 50 percent increase in the number of new residential building permits issued year-to-date in 2021 compared with this same timeframe in 2020. With the average days on the market until sale decreasing by 37 percent, increased building seems likely to continue.

Indicators also point to a change in spending habits as the community adjusts to life beyond the pandemic. There was a decrease in collections for NAICS 445—Grocery and Liquor Stores in April 2021 compared to the same month in 2020. Collections in April 2020 were an anomaly, reaching more than $880,000 as many grocery store shelves were empty from such increased demand. However, NAICS 445 is still tracking an approximately 4.5 percent growth overall in 2021 when comparing year-to-date totals for 2020 and 2021.

Another highlight of this change in spending habits is the approximately 17 percent year-over-year growth in NAICS 722: Restaurants, Drinking Places & Caterers. This category actually reached more than $900,000 in collections for the first time ever in April 2021. In fact, the category almost reached $1 million, with collections totaling $971,176. Safe to say that we all have missed eating out at our favorite Edmond restaurants and are embracing the opportunity to dine-in (or take out!) again. For ideas on new Edmond restaurants to try, view the restaurant list here.

One of the most drastic examples of spending habit changes can be seen in the month-over-month comparison for NAICS 448: Clothing, Shoe & Accessory Stores. April 2020 collections totaled $25,471 while April 2021 collections totaled $223,589. For more information on Edmond shopping areas, visit this website.

Information like the above and more can be found in the 2021 Edmond Economic Abstract, sponsored by Francis Tuttle Technology Center.

The EEDA recently released the publication with a new design by Back40 Design. The Abstract contains demographic information including population, income levels, cost of living, crime figures, and traffic counts. The 10-page economic profile also features information on Edmond’s residential and commercial real estate markets, tax collections, and education information. Pick up your copy today at the EEDA offices, 825 E. 2nd Street, or view a PDF copy here.