Mixed News For Las Cruces Gross Receipt Tax Revenue
There is good news and bad news in the latest economic report for Las Cruces.
In a memo from the City Budget Manager to the Las Cruces City Council…the Gross Receipts Tax….GRT revenue…for December was up nearly ten percent compared to a year ago.
The December payment from the state actually represents October activity.
December Construction GRT was up sharply, growing by over 45%. Highway interchanges and multifamily construction are fueling the sector’s turnaround. The report says…for the first six months of the fiscal year, construction has rebounded significantly, a trend that should continue. Health care, services, and food distribution were also up.
Now…the bad news….retail trade was again negative. That makes six consecutive months of losses for the largest sector in Las Cruces. The report says retail is challenged by a weak labor market and the continued erosion from on-line sales competition.
Despite the retail decline…The year-to-date GRT growth rate for the first half of the fiscal year stands at 4.5%.