For the first six months of 2024, Denver metro area sales tax revenue has fallen compared to last year. This is the second year of weak sales tax collections. In 2023 it was flat from the year before.
Cities are especially dependent on sales tax revenue. A number of them, especially Denver, have been rapidly increasing their sales tax for a myriad of community projects.
It is unclear the exact cause of the revenue fall off. Metro population growth slowed after the pandemic and, in fact some counties registered population loses. Affordability has been cited most often by metro area residents as their main economic complaint and a reason to leave. Also, the Denver area could be seeing some of the job growth slowdown reflected in national data guiding the Federal Reserve.
RELATED:
Denver Metro Sales Tax Revenue Declines June 24, 2024
Metro Denver Sales Tax Flattens Out March 13, 2024
Denver Metro Area Tax Revenue Slows Sharply October 2, 2023
Midpoint in the Year Sales Tax Revenue Roars In September 22, 2021
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