Latest Glenwood Springs sales indicate ‘a lot of great energy everywhere you go’
Glenwood Springs recorded its hottest May since 2014 — in terms of sales tax.
A financial thermostat for the local economy’s temperature, the city felt a 5.79 percent increase when put alongside May 2017, which equates to an $80,471 increase in sales tax returns.
“Glenwood had the biggest May we’ve ever had by far,” Glenwood Springs Chief Operating Officer Steve Boyd told the Post Independent. “Our downtown area, West Glenwood and the Roaring Fork Marketplace were all up more than 10 percent from last year.”
Year to date through May, retail sales are running a little more than 2 percent ahead of 2017, according to the latest reports.
Out of the city’s 15 retail categories, ranging from automotive service stations to marijuana, eight saw increases while seven took a dip.
However, some the city’s most lucrative sales tax generators — general merchandise stores, motels and hotels as well as eating and drinking establishments — saw significant increases.
Combined, these industries raked in $603,261 worth of sales tax revenue for the city.
“Accommodations taxes were also up more than 10 percent from this time last year, indicating that our tourism industry is bouncing back,” Boyd explained.
In addition, the building materials and supplies category by itself supplied Glenwood Springs with $216,610 worth of sales tax — $19,599 more than May 2017.
While seven categories did see a decline in sales tax returns compared with May of last year, their percent decreases, although substantial, do not necessarily equate to substantial dollar amounts.
Personal services saw a 57.21 percent decrease rivaled with May 2017; however, that drop actually incurred only a $1,266 sales tax difference.
Other sectors also did not appear in good shape, such as health and recreation, which saw a 16.34 percent decrease.
“This was due to a spike in one of the out-of-state companies,” Boyd said. “Last year in May was one of [health and recreation’s] highest. It is only a difference in total in the category of $3,500, so again the percentage looks really big.”
The good news for Glenwood Springs is every May since 2014 the sales tax from businesses has continuously increased. In May 2014 the city took in $1,212,986, and this past May the number had reached $1,469,644.
Boyd also was very optimistic about the city’s financial future.
“The city is full, there is a lot of great energy everywhere you go, and I think we’re on the front end of what’s going to be a phenomenal run,” Boyd said.