(Las Vegas, NV) — Taxable sales in Nevada jumped 9.3 percent in January over the same month a year ago, with several sectors posting big gains.
The Department of Taxation Tuesday reports merchants sold $3.4 billion in goods during the month, on which the state collected $272 million in gross sales and use taxes.
Nevada Chief Economist Bill Anderson told KXNT why the good news has continued.
“The unemployment rate is down nearly two points from a year ago and initial claims for unemployment insurance have declined for 36 of the past 39 months,” says Anderson
Sales of motor vehicles and parts were up nearly 15 percent over January 2012, while construction trades saw an 83 percent increase.
“We started to see a rise in construction jobs levels during the second half of last year and that has continued into the first month of 2013. We are essentially rising off historic lows. The news is good regarding construction but you do have to put it in perspective,” says Anderson.
Other gains were realized in sales at general merchandise stores, up 13 percent; accommodations, up 26 percent; and clothing and accessories, 11 percent.
Anderson went on to say that January was another great month for taxable sales in Nevada.
“January was actually the 31st consecutive month that taxable sales have showed an increase over year ago levels,” says Anderson
For the fiscal year that began July 1, the portion of taxes that go to fund state government are about 1.2 percent or $6.6 million below projections made late last year by the Economic Forum.
Figures for January can be seen here http://tax.state.nv.us/press_release.htm