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Utah economy rebounding as tax revenues grow

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July 24th, 2011 @ 7:04pm

By Jasen Lee, KSL.COM

SALT LAKE CITY — Utah is climbing out of the economic doldrums, with state revenues increasing nearly seven percent in fiscal year 2010-11, which ended June 30.

Data from the Utah State Tax Commission analyzed by Salt Lake-based Bonneville Research in its "Utah Economic Snapshot" showed that total state and local (on- property tax and fee revenues rose 6.7 percent or $410 million.

In addition, taxable retail sales jumped up $191 million or 13.6 percent, with individual income taxes increasing $121 million or 75.3 percent.

"It tells us the economy is growing. We're climbing out of the trough. But … we're probably down from where we were in 2007 and 2008." -Bob Springmeyer

While the figures do offer an improvement, it only tells part of the story, said Bonneville Research President Bob Springmeyer.

"It tells us the economy is growing," he said. "We're climbing out of the trough. But … we're probably down from where we were in 2007 and 2008."

With just a few exceptions, most state and local tax categories saw revenue increases, including individual income taxes — 75 percent or $121.2 million and cigarette taxes — up 132.7 percent or $56.9 million.

The total general revenue increase for the period was 16.4 percent or $269.7 million.

One of the top revenue generators over the past decade was the sale of adult beverages, the data show. Between 2000 and 2009, alcohol sales jumped a dramatic 94 percent, while the state's overall population grew just 25 percent.

Springmeyer said the increase was likely due to a combination of increased consumption along with the growing number of conventions, large-scale events like the Sundance Film Festival as well as increasing tourism consumption.

The data showed that last year, beer, wine and liquor sales contributed $27.9 million to the state's school lunch program and paid $14.8 million in sales taxes. State liquor store No. 15 in Cottonwood Heights recorded $16 million in 2010 sales with a net profit of $4.6 million, while store No. 36 on Swede Alley in Park City had $1.3 million in 2010 sales with a net profit of $200,000.

The average net profit from a state liquor store in 2010 was $1.75 million.

"They are moneymakers," Springmeyer said. "You've got some stores that (have sales in the $1,500 per square range)."

"That's the range you would find at Tiffany's," he commented. "A very, very good grocery store is going to be a third of that."

Overall, Springmeyer said the state's fiscal strength is progressing, albeit slowly.

"The economy is growing. Retail sales are looking better, income from employment is going to be up," he said. "Those are very good signals (that the) the economy is turning around in Utah."

Email: jlee@ksl.com
FULL ARTICLE: http://www.ksl.com/?nid=960&sid=16487322

 



 

Utah tax revenues growing, economy rebounding

Published: Friday, July 22, 2011 3:46 p.m. MDT, Deseret News

SALT LAKE CITY — Utah is climbing out of the economic doldrums, with state revenues increasing nearly seven percent in fiscal year 2010-11, which ended June 30.

Data from the Utah State Tax Commission analyzed by Salt Lake-based Bonneville Research in its "Utah Economic Snapshot" showed that total state and local (on-property tax and fee revenues rose 6.7 percent or $410 million.

In addition, taxable retail sales jumped up $191 million or 13.6 percent, with individual income taxes increasing $121 million or 75.3 percent.

While the figures do offer an improvement, it only tells part of the story, said Bonneville Research President Bob Springmeyer.

"It tells us the economy is growing," he said. ""We're climbing out of the trough. But … we're probably down from where we were in 2007 and 2008."

With just a few exceptions, most state and local tax categories saw revenue increases, including individual income taxes — 75 percent or $121.2 million and cigarette taxes — up 132.7 percent or $56.9 million.

The total general revenue increase for the period was 16.4 percent or $269.7 million.

One of the top revenue generators over the past decade was the sale of adult beverages, the data show. Between 2000 and 2009, alcohol sales jumped a dramatic 94 percent, while the state's overall population grew just 25 percent.

Springmeyer said the increase was likely due to a combination of increased consumption along with the growing number of conventions, large-scale events like the Sundance Film Festival as well as increasing tourism consumption.

The data showed that last year, beer, wine and liquor sales contributed $27.9 million to the state's school lunch program and paid $14.8 million in sales taxes. State liquor store No. 15 in Cottonwood Heights recorded $16 million in 2010 sales with a net profit of $4.6 million, while store No. 36 on Swede Alley in Park City had $1.3 million in 2010 sales with a net profit of $200,000.

The average net profit from a state liquor store in 2010 was $1.75 million.

"They are moneymakers," Springmeyer said. "You've got some stores that (have sales in the $1,500 per square range)."

"That's the range you would find at Tiffany's," he commented. "A very, very good grocery store is going to be a third of that."

Overall, Springmeyer said the state's fiscal strength is progressing, albeit slowly.

"The economy is growing. Retail sales are looking better, income from employment is going to be up," he said. "Those are very good signals (that the) the economy is turning around in Utah."

E-mail: jlee@desnews.com

Deseret News: FULL ARTICLE



Where are the concentrations of members of the Church of Jesus Christ of Latter-day Saints (Selected Cities/Counties)

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For those of us who live in the Intermountain West, the question often comes up - "Where are the concentrations of members of the Church of Jesus Christ of Latter-day Saints or Mormons."

 

The following are some interesting demographics - selected Western Counties. FULL REPORT


Source: The Association of Religion Data Archives

http://www.thearda.com/

 

Bonneville Research Redevelopment Study

Salt Lake County - RDA Housing:

 
BONNEVILLE RESEARCH URBAN RENEWAL/ECONOMIC DEVELOPMENT HOUSING STUDY FOR SALT LAKE COUNTY

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April 29, 2010. Bonneville Research presented the findings of their study of housing monies generated to date by Urban Renewal, Economic Development, Community Development and Redevelopment Project Areas in Salt Lake County to the Salt Lake County Council and the Salt Lake County Council of Governments.

The goal of the study is to provide Salt Lake County with reliable information about the financial implications of the Tax Increment supported housing.

Purpose of the Study:

  • Assess the current status of the 20% housing set aside as required by law

  • Understand how much housing money has been spent and for what

  • Evaluate the timing of anticipated moderate housing plans and expenditures

  • Determine the number of affordable housing units developed or preserved and how many households at what levels of income benefited from this housing

  • Examine and evaluate policies for use of the TIF housing set-aside, identify best practices

  • Estimate the total economic impact of housing set-aside expenditures and the state and local taxes generated by those expenditures

  • Estimate the potential impact of the 2009 statute change on affordable housing development and preservation


Outcomes of the Study:

  • Identify cities in need of technical assistance

  • Identify opportunities to improve local moderate income housing efforts

  • Identify opportunities for integrated planning efforts and cooperation in use of housing set-aside funds

To answer these questions, Bonneville Research reviewed approved budgets, actual annual revenues and planned and completed housing projects of all redevelopment, urban renewal, or economic development projects in Salt Lake County.




 

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