Silverthorne economy shows improvement in March
summit daily news
Vail, CO Colorado
SILVERTHORNE – Sales tax revenue in Silverthorne is on the rise for the second month in a row – an encouraging sign for the local economy.
March sales tax revenue was up 5.7 percent over March 2009, pushing 2010 year-to-date sales tax collections up 1.8 percent over the same period last year. Sales tax revenues for February were up almost 5 percent over February 2009 – the first time the town had reported month-over-month growth in the local economy in 17 straight months.
“Having another positive month is certainly good news,” said Ryan Hyland, assistant to the town manager. “March followed a positive month in February, and this is the first time since February and March of 2008 that we’ve had two consecutive positive-growth months.”
According to Hyland, the first-quarter sales tax revenues were in line with the town’s revenue budget.
“One potential bright spot for Silverthorne sales tax revenues that could show up at the end of the second quarter is the addition of a much larger grocery component at Target, including meat and produce, which will be introduced in June,” Hyland added.
Activity in the consumer retail sector, which includes Silverthorne’s OfficeMax and Target stores, has improved significantly in 2010, with a year-to-date increase of 23 percent over the January-March period in 2009. March revenues from the Outlets at Silverthorne were flat compared to March 2009, but total first-quarter revenues at the Outlets were up 7.3 percent compared to those in the first quarter of 2009.
The auto sector, which includes automobile sales, rentals, parts and services, posted a 1.9 percent increase in March revenue, compared to March 2009.
Revenues from retailers in the building sector are still sluggish, with year-to-date figures down 40.7 percent from last year. For the month of March alone, revenues were down 20.4 percent from March 2009.
“That particular sector is still very much struggling,” Hyland said.
The town’s food-and-liquor sector was up 5.4 percent in March, but was still down by 4.6 percent for the year.
Julie Sutor can be reached at (970) 668-4630 or email@example.com.