Nevada taxable sales grow — but at at slower rate

Friday, Aug. 24, 2001 | 10:37 a.m.

CARSON CITY -- Taxable sales in June, a key indicator of the Nevada economy, posted a 2.4 percent increase over last year -- the smallest percentage gain in 14 months.

The state Taxation Department reported Thursday that taxable sales reached $2.832 billion in June, compared to $2.765 billion in the same month of a year ago.

Department Director Dave Pursell said there was a softening in the economy for the one month but that does not constitute a trend in the business climate.

Pursell was quick to point out the state, for the last fiscal year that ended June 30, collected $633.5 million in sales tax revenues or about $3.5 million higher than the Economic Forum predicted.

Receipts from the insurance premium tax for the fiscal year were $3.2 million higher than forecast by the forum. But the collection from the business tax was $1.8 million lower than predicted.

These three taxes produce a good share of the state's tax revenue. And they yielded $4.9 million more than expected.

The taxation department reported taxable sales for June for Clark County rose to $2 billion, up 2.6 percent, also the lowest percentage gain since March 2000 when a 2.2 percent increase was posted.

Statewide, the agency said auto sales jumped by 6.8 percent in June, eating and drinking businesses were up 2.7 percent, food store sales rose 10.1 percent and sales in general merchandise stores increased 4.2 percent.

But business in building materials and hardware stores fell 0.2 percent and home furniture sales declined by 0.7 percent. While business was down in these two categories for the month, Pursell said building materials rose by 3.6 percent for the fiscal year and home furniture jumped 4.6 percent for the 12-month period.

In Clark County, taxable sales for the fiscal year that closed June 30th rose to $22.6 million, up 5.7 percent.

In June in Clark County business in bars and restaurants increased 3 percent to $401.5 million; car sales jumped 8.6 percent to $277.6 million; the home furniture business dropped 0.6 percent to $107.8 million and building materials was off 1 percent to $119.3 million -- but business in food stores inched up 2.6 percent to $69.6 million.

The department reported taxable sales in Washoe County rose 1.4 percent in June to $479.8 million; merchants in Elko County reported $67.9 million in sales, down 9.4 percent; Douglas County sales rose 0.2 percent to $52.4 million and Carson City business reported a 14.8 percent increase in taxable sales to $82.8 million.