November not as gloomy for Silverthorne economy | SummitDaily.com
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November not as gloomy for Silverthorne economy

JULIE SUTOR
summit daily news

SILVERTHORNE – Consumer spending and construction activity in Silverthorne are still on the decline, according to the latest figures on the town’s tax revenues. The gloomy news has a silver lining, though, in that November sales tax revenue showed the smallest decline of any month in 2009.

November sales tax revenue totaled $583,000 – only 3 percent lower than in November 2008.

That brings year-to-date sales tax revenue for the town to $6.6 million – 13 percent behind 2008.

“It’s not as bad as it has been,” said Ryan Hyland, assistant to the town manager. “I don’t think we’re happy, but we do feel better when we see single-digit (declines) than we do when we see double digits.”

Rich Sanders, owner of the True Value hardware store in Silverthorne, said the town’s numbers are fairly reflective of the business he saw in the late fall. He said the below-average snowfall and the continued slow construction sector kept his sales flat through the holiday months, as well.

“We rely on snow for a lot of our products,” Sanders said.

Activity in the consumer retail sector, which includes Silverthorne’s OfficeMax and Target stores, improved markedly in November, with an increase of 26 percent over November 2008. The Outlets at Silverthorne, however, experienced a 9-percent decline, month-over-month.

The auto sector, which includes automobile sales, rentals, parts and services, posted a 2 percent increase in November revenue, compared to November 2008.

Year-end figures on the town’s excise tax – a square-footage-based tax on building activity – confirmed that the area has endured a precipitous decline in construction. Total 2009 excise tax revenue was 73.5 percent lower than in 2008.

The town also saw a decline in lodging tax revenue in November, relative to the previous year. November 2009 lodging tax came in 14.5 percent lower than that of November 2008, at $5,700. Year-to-date, 2009 lodging tax revenues are down 24 percent, compared to 2008.

Julie Sutor can be reached at (970) 668-4630 or jsutor@summitdaily.com.


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