2022 Q1 Sales Tax Figures Released
October 6, 2022 11:46 AM
by Jennifer Taylor
Recently released 2022 1st Quarter sales tax reports for the City of Santa Monica show positive trends. In reports comparing the 2022 Q1 data to the 2021 Q1 data, significant increases in sales tax across various sectors including increased brick and mortar retail are clear.
Here are a few highlights from the most recent report:
- A 27% increase overall in sales tax was reported between Q1 of 2021 and Q1 of 2022 in the City of Santa Monica, largely due to significant gains in sales tax revenue from the Auto/Transportation and Restaurants/Hotels sectors. These two sectors generate 50% of the City’s sales tax revenue. Source: City of SM Major Industry Groups - Adjusted for Economic Data, HDL, Q1 2022.
- An 89% increase in the Restaurants and Hotels sector reflects a strong comeback for our local hospitality industry.
- Major gains in sales tax revenue can be seen in Casual Dining (up 81.9% from Q1 2021), Fine Dining (up 128% from Q1 2021), and Hotels/Motels (up 367.3% from Q1 2021).
The robust increases indicated above across multiple sectors like travel, tourism, and hospitality provide continued evidence that the City of Santa Monica continues to advance our recovery, and greater support of local businesses allows for the community to see the benefits of their tax dollars through funding the City’s general operations and more.
The Top Sales Tax Producers in Santa Monica include:
- Apple
- Audi Leasing
- Bentley Leasing
- Bourget Bros Building Materials
- Daimler Trust
- Fairmont Miramar Hotel
- Ferguson Enterprises
- Genesis Santa Monica
- Honda Santa Monica
- Jaguar Santa Monica
- Land Rover Santa Monica
- JP Morgan Chase Bank
- Lexus Santa Monica
- Michael Smith Design
- Ring
- Santa Monica Audi
- Santa Monica BMW
- Santa Monica Ford Lincoln
- Shutters on the Beach
- Snyder Diamond
- Subaru Santa Monica
- Tesla Motors
- Toyota Lease Trust
- Toyota Santa Monica
- Volkswagen Santa Monica
- Water Grill/Pier Burger
- WI Simonson Mercedes
The data shows that people are buying local - from purchasing or leasing cars at auto dealers in Santa Monica, to dining at local restaurants, and buying food from Santa Monica grocery stores and neighborhood markets. We are also pleased to welcome back regional and international visitors to our hotels and restaurants. Collectively, these efforts help our local economy move forward and important sales tax revenue is generated and re-invested back into the community. Supporting businesses in Santa Monica is supporting our community.
The third highest generator of sales tax revenue in Santa Monica (by major industry group) comes from the State and LA County Pools, comprised of 19% of the City’s total Q1 2022 sales tax revenue and is primarily attributed to online shopping. This revenue source has increased by 20% from last year. When residents shop from companies online, the sales tax revenue generated from purchases goes into the countywide tax pool, which Santa Monica only receives about 2 cents from every dollar of sales tax. Comparatively, when retail activity is done at local brick and mortar businesses within Santa Monica, 20 cents of every dollar of sales tax goes back to the City and half of that is specifically re-invested into the community by funding schools and affordable housing in Santa Monica.
Many signs have continued to show Santa Monica is moving forward in its economic recovery, and this would not be possible without the support of our community. Remember to shop local and think Santa Monica first. For more information about Buying Local in Santa Monica, follow the hashtag #BuyLocalSM or visit our Buy Local Santa Monica website by visiting www.santamonica.gov/programs/buy-local-santa-monica.
Authored By
Jennifer Taylor
Economic Development Manager