Edmond sales tax growth
Edmond continues to see strong sales tax collections. May collections totaled $6,683,225, and annual year-to-date totals for 2021 have increased more than 10 percent compared to the same timeframe in 2020.
As municipalities in Oklahoma are primarily funded through sales tax collections, this growth is incredibly beneficial. However, it’s important that we not take these increases for granted and continue to spend our dollars inside Edmond city limits. Of the 8.25 percent sales tax paid on purchases, 3.75 percent goes to the City of Edmond.
These funds pay for services like police and fire protection, parks and recreation programs, street improvements, and social services for residents. Not only that, but Edmond’s sales tax rate is actually the lowest among other metro area cities. So, when you spend money inside Edmond city limits, your dollar goes farther and supports services that enhance Edmond’s quality of life. It’s a win-win situation!
Sales tax collections associated with retail North American Industrial Classification (NAICS) codes contributed $5,195,462 or approximately 77 percent of total collections.
The largest retail NAICS categories were:
- NAICS: 452 General Merchandise & Department Stores ($1,408,876)
- NAICS 722: Restaurants, Drinking Places & Caterers ($960,768)
- NAICS 444: Building Materials and Hardware Stores ($978,804)
The retail categories with the largest increases year-to-date were:
- NAICS 442: Furniture & Home Furnishing Stores
- NAICS 448: Clothing & Accessory Stores
- NAICS 447: Gasoline Stations & Convenience Stores
The Furniture & Home Furnishing Stores category has seen an approximately 47 percent increase in year-to-date collections, with approximately $300,000 more collected so far in 2021. After so much time at home over the last year, we may all be looking for ways to update our spaces.
The Clothing, Shoe & Accessory Stores category continues to rebound after low collections in 2020 due to COVID-19. May 2021 collections alone were approximately $140,000 higher than May 2020 collections in the category.
Finally, the Gasoline Stations & Convenience Stores category has seen a 31 percent increase in year-to-date collections over last year. This could be an interesting category to watch as travel continues to pick back up and people look to hit the road this summer.
2021 Economic Preview: Mid-Year Review
The EEDA is hosting its first in-person event in more than a year! The 2021 Economic Preview: Mid-Year Review, sponsored by First Fidelity Bank, will be held Tuesday, August 3 at 11:30 a.m. at the Edmond Conference Center on 2833 Conference Drive.
Economists Paul Hendershot and Bill Kitchens with CoStar, a leading commercial real estate information company, will offer a data-driven approach to provide insight into economic drivers, the current state of the Edmond real estate market, and what to anticipate happening for the remainder of 2021 and moving forward. EEDA Executive
Director Janet Yowell will also provide an Edmond mid-year review and update on various development projects. The event costs $30 and includes lunch. Register today at www.eeda.com/events.
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About Sarah Dickson
Sarah Dickson is the communications director for the Edmond Economic Development Authority (EEDA). Sarah has been with the EEDA more than 10 years, serving in multiple communications roles. She is responsible for producing demographic, workforce, economic, and statistical reports as well as managing all communications for the organization.
Sarah is a graduate of the University of Oklahoma Economic Development Institute (OU/EDI) and Leadership Edmond Class XXV. Sarah serves on the boards for the Public Relations Society of America – Oklahoma City Chapter and the Oklahoma Council on Economic Education. She is also an active member of the Oklahoma Venture Forum.
Sarah has earned her Accreditation in Public Relations (APR) as well as the designation of Certified Economic Developer (CEcD).