Sioux Falls sales tax continues to lag behind inflation
Sioux Falls sales tax revenue is back in “slight positive territory” but still not growing as fast as inflation.
Sioux Falls sales tax revenue is back in “slight positive territory” but still not growing as fast as inflation.
People dining out and otherwise spending on experiences are helping keep the city’s sale tax revenue even with last year.
It’s not a big drop, but sales tax revenue is lagging behind the prior year in Sioux Falls for the first time since 2020.
Sales tax revenue isn’t growing as fast in Sioux Falls — but there are signs a lot more dining out is happening.
After a slower start to the year, consumers seem to be spending fairly robustly in Sioux Falls.
The city of Sioux Falls ended 2022 with a $5 million operating budget surplus, helped by a double-digit increase in sales tax revenue, and with a nearly $18 million fund balance in its capital improvement program.
Sales tax revenue in Sioux Falls is ahead of last year through the first quarter — but not necessarily enough to keep up with inflation.
Sales tax growth keeps outperforming inflation in Sioux Falls.
Sioux Falls sales tax collections outpaced inflation in September, showing their biggest monthly increase since early this year.
Inflation eased somewhat in August, and city sales tax revenue stayed just slightly ahead of it.