Fiscal Year 2014 sees continued increases in GRT
October 23, 2013
Albuquerque- The city is experiencing its fifth month of having positive Gross Receipt Tax growth. Sectors with the biggest contributing increases, most recently received by the city, are construction and retail trade. The other category that saw impressive growth includes services like automobile repair, laundry mats, along with beauty services. In the most recent GRT report the city saw more than a 6.5% increase, year over month which gave Albuquerque a cumulative growth of 3.1% for fiscal year 2014. The City has been conservative when incorporating GRT growth into the budget. These monies make up 63% of the City’s resources within the general fund.
"I greatly appreciate the community-wide support seen from folks who are buying local and boasting about our city to friends and family across the nation,” said Mayor Richard J. Berry. “This is a great indicator that the economy is picking up and it’s encouraging to see we’re all coming together to invest in our city."
Almost all sectors have seen growth, including construction, retail, professional services, and other services. The only sector which saw a slight declined was accommodations and food service.