November 6, 2012 > Bay Area taxable sales increase
Bay Area taxable sales increase
Submitted By Brian Miller
Betty T. Yee, First District Member of the California State Board of Equalization (BOE) announced on September 27, 2012, that taxable sales in the nine-county San Francisco Bay Area rose 9.3 percent in the second quarter of 2011. Taxable sales in Santa Clara County increased by 12.4 percent and in Marin County, by 4.3 percent. Taxable sales were higher in the City of Oakland by 13.4 percent higher, San Jose, by 10.5 percent, and San Francisco by 9.9 percent, in the same period.
"Greater consumers spending in California is a positive indicator of continuing economic recovery," said Yee. "This is an encouraging sign for struggling families, communities and businesses throughout our state."
According to BOE researchers, more recent statewide data indicate that a recovery in taxable sales continued in the second quarter of 2012. BOE's estimate of statewide taxable sales for this period, based on cash receipts, shows a year-on-year increase of 8.3 percent.
In the second quarter of 2011, taxable sales increased by 9.6 percent compared to the second quarter of 2010. Statewide, taxable sales in the second quarter of 2011 totaled $129.9 billion, $11.4 billion more than taxable sales in the second quarter of 2010.
California taxable sales increased 4 percent faster than California personal income. The increase in taxable sales growth compared to personal income may indicate that consumers are using more credit or loans even as income growth slows, according to BOE researchers.
Taxable Sales in California is a quarterly data report by the BOE on retail sales activity in California, as measured by transactions subject to sales and use tax. The report includes figures about statewide taxable sales by type of business, as well as statistics about taxable sales in all California cities and counties.
To view the Taxable Sales in California report, visit www.boe.ca.gov/news/tsalescont.htm