THE ECONOMY:

Clark County taxable sales grow for first time in three months

Wednesday, Oct. 29, 2008 | 5:10 p.m.

CARSON CITY – Taxable sales in Clark County rose 5.3 percent in August, ending a three-month decline in the key business indicator.

The state Taxation Department reported Wednesday that taxable sales in Clark County reached $3 billion, up from the $2.8 billion in August 2007. Statewide the taxable sales increased 3.1 percent to $4 billion.

Gov. Jim Gibbons said this was the first month of “positive results” in business but cautioned, the gains were due in part to paid delinquent taxes or previously unreported taxes. These businesses took advantage of the tax amnesty program that allows them to pay back taxes without penalties.

“Nevada’s economy continues to struggle due to the decline in the housing market and conservative consumer spending, although construction activity remains strong in the south,” Gibbons said.

The increase in Clark County was buoyed by a 48 percent increase in specialty trade contractors and a real estate sales increase of 652.2 percent from the previous year.

However the tax department reported the sale of building materials in Clark County fell 5.3 percent in August and furniture sales dropped 16.4 percent.

This was the 26th straight month that sales of building materials and furniture have been down in Southern Nevada.

Auto sales plummeted 18.6 percent in August, the 23rd consecutive month of a decline. And business in restaurant and bars was off 2.4 percent, the ninth straight month of a decline.

For the sixth straight month, the sale of clothing rose in Southern Nevada. It posted an 11.2 percent gain compared to August 2007. And general merchandize stores recorded a 1 percent decline, after two months of gains.

For the 17 straight months, taxable sales were down in Washoe County, posting a 4.6 percent decline in August. Carson City’s business fell 8.5 percent, the ninth straight month of a decline.

Among the counties, Churchill County posted a 36.3 percent increase in taxable sales and White Pine County was up 13.5 percent.

Biggest declines were recorded in Lander, down 32.1 percent, and Esmeralda down 21.5 percent.

Discussion: 4 comments so far…

By pitboss

10/29/08 at 7:32 p.m.

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I hardly doubt that the real estate market grew by 652.5% in Las Vegas.

I don't know what the real number is, but I'm sure this has to be typo.

Andrew
By Lenny_V

10/30/08 at 2:38 a.m.

Suggest removal

652.5% ha ha ha
By worstnightmere

10/30/08 at 10:38 a.m.

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What business paid back delinquent taxes without the penalty? The Casinos and Mining Business? Who came up with the the Tax Amnesty Program anyway? I bet, the idea was Gibbons idea... Wow... does Jim Gibbons have the Casinos and Mining Businesses in His Pocket... Tally Up Gibbons...
By vc

10/30/08 at 10:51 a.m.

Suggest removal

Real Estate sales increased about 65% from last year. Looks like they put the decimal in the wrong place.