SCORECARD
Sales Tax Distributions October 2007 &
2008
Rank | Locality | Total
October 2007 | Total October
2008 | %Change |
1 | Salt Lake
City | $4,136,015 |
$3,879,228 | -6.2% |
2 | West
Valley | $1,947,889 |
$1,795,089 | -7.8% |
3 | Sandy |
$1,686,784 | $1,576,605 |
-6.5% |
4 | Orem |
$1,689,078 | $1,560,711 |
-7.6% |
5 | Salt Lake
County | $1,853,314 |
$1,559,116 | -15.9% |
6 | Provo |
$1,475,055 | $1,357,291 |
-8.0% |
7 | West
Jordan | $1,318,638 |
$1,326,995 | 0.6% |
8 | St.
George | $1,362,685 |
$1,193,224 | -12.4% |
9 | Murray |
$1,151,700 | $1,127,568 |
-2.1% |
10 | Ogden |
$1,196,665 | $1,103,253 |
-7.8% |
11 | Layton |
$1,059,698 | $1,014,852 |
-4.2% |
12 | South Salt
Lake | $930,823 | $758,227 |
-18.5% |
13 | South
Jordan | $608,489 |
$704,660 | 15.8% |
14 | Logan |
$703,893 | $675,395 |
-4.0% |
15 | Taylorsville |
$700,168 | $661,276 |
-5.6% |
16 | Draper |
$625,707 | $606,201 |
-3.1% |
17 | Bountiful |
$519,463 | $530,339 |
2.1% |
18 | Lehi |
$540,905 | $506,510 |
-6.4% |
19 | American
Fork | $512,638 |
$485,287 | -5.3% |
20 | Vernal |
$430,612 | $475,992 |
10.5% |
21 | Midvale |
$492,580 | $474,434 |
-3.7% |
22 | Cedar
City | $470,389 | $447,741 |
-4.8% |
23 | Cottonwood
Heights | $439,569 |
$441,471 | 0.4% |
24 | Summit
County | $449,036 |
$430,541 | -4.1% |
25 | Riverton | $362,288
| $402,841 | 11.2% |
26 | Tooele
City | $384,479 |
$378,035 |
-1.7% |
27 | Roy |
$367,521 | $361,648 | -1.6% |
28 | Spanish
Fork | $351,871 | $359,217 |
2.1% |
29 | Riverdale |
$367,542 | $342,623 |
-6.8% |
30 | Springville |
$343,270 | $334,026 |
-2.7% |
31 | Pleasant
Grove | $334,957 |
$326,251 |
-2.6% |
32 | Clearfield |
$307,001 | $288,719 |
-6.0% |
33 | Uintah
County | $193,238 |
$280,493 | 45.2% |
34 | Kaysville |
$279,472 | $276,557 |
-1.0% |
35 | Holladay |
$301,952 | $273,606 |
-9.4% |
36 | South
Ogden | $249,347 |
$259,099 | 3.9% |
37 | Centerville |
$252,799 | $256,115 |
1.3% |
38 | Farmington |
$196,984 | $248,921 | 26.4%
|
39 | Washington
City | $258,260 | $237,417 |
-8.1% |
40 | Lindon |
$295,252 | $236,604 | -19.9%
|
41 | Syracuse |
$220,952 | $228,958 |
3.6% |
42 | Clinton |
$212,260 | $223,888 |
5.5% |
43 | North Salt
Lake | $223,731 | $219,678 |
-1.8% |
44 | Park
City | $238,435 | $219,016 |
-8.1% |
45 | Brigham
City | $247,354 | $218,254 |
-11.8% |
46 | Price |
$192,347 | $204,375 |
6.3% |
47 | Payson |
$216,293 | $200,497 |
-7.3% |
48 | Naples |
$152,035 | $172,079 |
13.2% |
49 | Herriman |
$145,260 | $167,068 |
15.0% |
50 | North
Logan | $161,154 | $165,576 |
2.7% |
51 | North
Ogden | $164,759 |
$164,632 | -0.1% |
52 | West
Bountiful | $161,475 |
$163,115 | 1.0% |
53 | Richfield |
$163,872 | $157,480 |
-3.9% |
54 | Roosevelt |
$138,031 | $143,469 |
3.9% |
55 | Tooele
County | $143,120 |
$139,396 | -2.6% |
56 | Eagle
Mountain | $147,178 |
$138,613 | -5.8% |
57 | Weber
County | $180,932 |
$137,880 | -23.8% |
58 | Woods
Cross | $184,855 | $136,511 |
-26.2% |
59 | Moab |
$117,255 | $121,907 |
4.0% |
60 | Utah
County | $131,713 | $79,655 |
-39.5% |
Big Winners - Sales Tax
Distributions October 2007 & 2008
- Uintah County = +45.2%
- Farmington = +26.4%
- South Jordan = +15.8%
- Duchesne County = +15.0%
- Naples = +13.2%
Big Losers - Sales Tax
Distributions October 2007 & 2008
- Utah County = -39.5%
- Woods Cross = -26.2%
- Weber County = -23.8%
- Lindon = -19.9%
- South Salt Lake = -18.5%
Source: Utah State Tax Commission
Division of
Revenue Accounting Sales Tax Distribution Final
Distribution Report for October 2007 and October
2008, 10/27/08
Grants
Improve Affordable Housing!
- Affordable Housing Built Responsibly Grant
Program
- POSTED: 11/7/2008
- FUNDING SOURCE: Home Depot Foundation
- ELIGIBILITY: Nonprofit and public agencies
- $ AVAILABLE: N.A.
- GRANTS AVAILABLE: N.A.
- MAX GRANT SIZE: $125,000
- DEADLINE: LOIs due 11/15/08, 3/1/09 and 7/1/09
- CONTACT INFORMATION:
http://homedepotfoundation.org/
- DESCRIPTION: Grants to support the production
and preservation of affordable, efficient, and healthy
housing.
Make the Roads Safer!
- 2009 Motor Carrier Safety Assistance Program
(MCSAP) High Priority Grant Program
- POSTED: 10/10/2008
- FUNDING SOURCE: Dept. of Transportation
- ELIGIBILITY: Nonprofits, cities, states, and
counties
- $ AVAILABLE: $15,000,000
- GRANTS AVAILABLE: 75
- MAX GRANT SIZE: N.A.
- DEADLINE: 12/1/08
- CONTACT INFORMATION:
http://www07.grants.gov/search/search.do?
&mode=VIEW&flag2006=false&oppId=43032
- DESCRIPTION: Grants for innovative traffic safety
programs, such as state data quality improvement,
high visibility traffic enforcement, public information
and education, enhancements to state training, safety
and special research efforts, and the like.
Economic Development Grants!
- Economic Development Assistance Programs
- POSTED: 10/1/2008
- FUNDING SOURCE: EDA
vELIGIBILITY: Public agencies (including cities),
nonprofits, IHEs and Indian tribes
- $ AVAILABLE: $216,927,372
- GRANTS AVAILABLE: N.A.
- MAX GRANT SIZE: N.A.
- DEADLINE: 9/30/09; first come, first served
- CONTACT INFORMATION:
http://www07.grants.gov/search/search.do?
&mode=VIEW&flag2006=false&oppId=42952
- DESCRIPTION: Funding to plan and/or implement
a wide variety of economic development projects,
including community facilities and infrastructure, in
economically distressed communities.
Improve History Knowledge!
- We the People Challenge Grants in United States
History, Institutions, and Culture
- POSTED: 10/8/2008
- FUNDING SOURCE: National Endowment for the
Humanities
- ELIGIBILITY: Nonprofit and public agencies
- $ AVAILABLE: N.A.
- GRANTS AVAILABLE: N.A.
- MAX GRANT SIZE: $1,000,000
- DEADLINE: 2/3/09
- CONTACT INFORMATION:
- http://www07.grants.gov/search/search.do?
&mode=VIEW&flag2006=false&oppId=43007
- DESCRIPTION: Grants to secure long-term
improvements in and support for humanities activities
that
- explore significant themes and events in
American history.
STORE CLOSINGS COULD DOUBLE IN
2009
Circuit City filed for Chapter 11 bankruptcy
protection from its more than 100,000 creditors today
but gave no indication as to the company's future other
than that it expects to continue to operate during the
proceedings. The second-largest CE retailer in the
U.S. suffered from a tighter credit market and a
downturn in consumer spending on big-ticket items
as well as losing market share to rival Best Buy and
discounters such as Wal-Mart.
Circuit City's pervious announcement that it was
closing 155 stores, or 21 percent of its 721 U.S.
locations, and planning to start lease renegotiations
for others, will be echoed by numerous retailers
throughout 2009, with the total number of stores
shuttered in the United States expected to double the
figure predicted for this year.
By the end of 2008, store closing announcements
will total 6,100, according to an October forecast from
ICSC. But that figure might reach 14,000 next year,
according to industry insiders. Store closings are
already projected to be up 25 percent in 2008
compared to 2007, according to TNS Retail Forward, a
Columbus, Ohio-based retail consulting firm.
"My personal feeling is that we have not seen the
worst of it," says Matthew Bordwin, managing director
and national co-head of the real estate services team
in the Melville, N.Y. office of KPMG Corporate Finance
LLC, a middle-market investment bank.
Landlords should brace themselves for tough
times ahead, after already watching one tenant after
another close stores, file for bankruptcy or announce
liquidation. Now, even healthy retailers are getting rid
of the bottom 10 percent to 15 percent of their real
estate portfolios, says Andy Graiser, co-president of
DJM Realty, LLC, a Melville, N.Y.-based real estate
consulting and advisory firm. To keep vacancy rates in
check, landlords will have to do everything in their
power to help struggling chains survive when they
themselves are being faced with a refinancing crisis.
As a result of massive store closings, vacancy
rates will spike next year, reaching 17.3 percent by the
middle of 2009, according to Property & Portfolio
Research, Inc., (PPR) a Boston-based property
research and portfolio strategy firm. The firm bases its
vacancy projections by comparing the changes in
retail space and retail sales against a pre-determined
benchmark of required sales per square foot in 54
U.S. markets. The figure includes information on
neighborhood shopping centers, community centers,
power centers, regional malls and lifestyle centers
larger than 30,000 square feet.
In 2009, PPR projects rents in the retail sector will
decline 5.6 percent. The most viable option for
landlords will be to try to hold on to existing tenants by
reworking their lease terms, says Graiser.
With the precipitous decline in consumer
spending and the tightening credit, the industry should
see a minimum of 10,000 store closings in 2009,
says Howard Davidowitz, chairman of Davidowitz &
Associates, Inc., a New York City-based retail
consulting and investment banking firm. In the first
half of next year, ICSC projects, store closing
announcements will surpass the 3,100 mark.
With holiday same-store sales growth forecasted
to reach, at best, very low single digits, Davidowitz and
Lois Huff, senior vice president with TNS Retail
Forward, both say there will be a significant number of
bankruptcies in the first quarter of 2009. Those chains
that are teetering on the edge right now and need
strong holiday sales numbers to stay afloat will likely
be pushed into bankruptcy.
During the 2008 holiday season, spending on
apparel will experience zero percent growth compared
with a 1.9 percent increase last year, according to TNS
Retail Forward's projections, while spending on
furniture items will fall 2.3 percent compared to a
decline of 0.7 percent last year. The luxury sector will
feel the pinch as well, though not to the same extent
as midmarket retailers, says Davidowitz.
"It's basically a foregone conclusion that it will be
one of the more challenging seasons we've seen in
many, many years," says Al Williams, principal with
Excess Space Retail Services, Inc., a Huntington
Beach, Calif.-based real estate disposition and
restructuring firm. "Consumer spending has been
down; if anything, by December, it could be slightly
worse."
Excess Space estimates the number of store
closings for all of 2009 could increase 100 percent
compared to this year, ranging from 12,000 to 14,000
stores. Chains that rely on discretionary spending,
including apparel sellers, furniture stores, jewelers
and restaurant operators, will be hardest hit,
according to Graiser.
This will be a particular concern for owners of
class-B properties in secondary markets, which will
experience the brunt of the closings, says Bernard J.
Haddigan, managing director of the national retail
group with Marcus & Millichap Real Estate Investment
Services, an Encino, Calif.-based brokerage firm. If
those centers face debt maturities next year, the
owners might be forced to put in more equity into
refinancing transactions to make up for rent shortfalls.
But lenders will likely try their best to help owners
keep occupancy levels up, says Graiser. "The lenders
are not going to want to see these properties come
back to them."
Source: ICSC and Retail Traffic Online, 2008
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ECONOMIC NOTES: |
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- World Business Confidence
- Global business confidence continues to
evaporate, as sentiment fell again during the first
week of November to another new record low. Sales
strength, equipment investment, and office space
demand hit new lows, and hiring intentions are
consistent with monthly job losses in the U.S. of well
over 150,000. Assessments regarding the economy
more broadly and the outlook six months hence are
grim. Sentiment is extraordinarily negative everywhere,
including heretofore stalwart Asia. The global financial
panic that hit in early September and has yet to abate
has been a body blow to global business confidence.
The global economy is now in recession according to
the survey.
- Factory Orders (M3)
- Factory orders fell a much larger than expected
2.5% in September following a 4.3% decline in
August. Orders excluding transportation were down
3.7%. The drop was mainly due to a large decline in
nondurable goods orders, which were affected by
falling prices of petroleum and other commodities.
This decline brought manufacturing shipments down
by 2.8%. Unfilled orders continued their upward climb,
rising by 0.4% over the month. Inventories contracted
by 0.7%.
- Wholesale Trade (MWTR)
- Wholesale inventories declined by 0.1% in
September, below consensus expectations of a
modest build, following a downwardly revised 0.6%
gain in August. Sales also surprised on the downside,
falling by 1.5% in September compared with a
downwardly revised 1.6% decline in August. The
inventory-to-sales ratio rose by two-hundredths of a
point from an unrevised 1.10 to 1.12 in September.
- Agricultural Prices
- The All Farm Products Index of Prices Received by
Farmers fell 5.8% in October from the previous month.
The crop index fell 9.8% while the livestock index fell a
much smaller 3.8%. Corn, soybeans, wheat and cattle
fetched lower prices while sweet corn, broccoli, lettuce
and eggs demanded higher prices. The index is now
up 2.8% from the past year, indicating at least a
temporary end to steep farm price increases. The food
price index fell 5.3% on the month and was
unchanged over the past year, indicating food price
inflation is easing. Prices paid by farmers for the
means of production also declined on the month, but
by a much smaller 1.6%, and remain 15% above a
year ago. Farmers are paying more for potash and
phosphate materials, feed concentrates, and mixed
fertilizer.
- Employment Cost Index
- Employer costs rose 0.7% in the second quarter,
matching the gains of the first two quarters of the year.
Once again, wages and salaries increased 0.7%,
while benefit costs rose 0.6%. Labor compensation
growth has remained moderate throughout the year.
Tame wage pressures will reduce any inflationary
concerns for the Fed, making Friday's report good
news from a policy perspective.
- Personal Income
- Personal income rose 0.2% in September, more
than expected, after jumping 0.4% in August. Income
growth was affected by hurricane adjustments,
additional unemployment insurance benefits, and
stimulus related transfer payments. Wage growth was
positive, despite the large job loss in the month.
Spending fell 0.3% after being unchanged the prior
month, in line with expectations. Real spending fell
0.4%. The core PCE deflator rose 0.2% while the top-
line deflator rose 0.1%. The saving rate rose to 1.3%
from 0.8% in August.
- Productivity and Costs
- Thursday's productivity numbers came in better
than expected. Nonfarm productivity grew 1.1% (SAAR)
in the third quarter, despite the contraction in GDP.
Unit labor cost growth was stronger than expected, up
3.6%. Despite the strong growth in unit labor costs,
inflation pressures from the labor market are not a
concern.
- Employment Situation
- Payroll employment fell by 240,000, the 10th
consecutive decline, and there was a net downward
revision of 179,000 jobs to the prior two months.
Payrolls in private industries plunged 263,000, the
largest decline since November 2001. The real
stunner in the report was a 0.4 of a percentage point
increase in the unemployment rate to 6.5%, a figure
above the peak reached in the last cyclical downturn.
The economy has lost 1.2 million jobs this year, with
about half the decline coming in the last three months
as businesses respond to shrinking demand and
tighter credit with deeper cost-cutting.
- Jobless Claims
- Initial claims for unemployment insurance fell by
4,000 to 481,000 for the week ending November 1.
This was in line with expectations. This is further
indication of growing slack in the labor market.
- Major Job Cuts
- Job cuts increased to the highest level in nearly
five years in October. Company and non-profits
announced cuts affecting 112,884 workers, 19% more
than in September. Financial services and the
automotive industry contributed to the increase.
- Monster Employment Index
- The Monster Employment Index plummeted 10
points in October, the largest month-ago decline since
December. Signaling a sharp contraction in online
recruitment advertising during the month, October's
steep drop is consistent with a nation that is falling
deeper into recession, and foreshadows a dismal
jobs report for October
- Construction Spending (C30)
- Construction spending for September came in at
$1.060 trillion, a decline of 0.3% from August and
down 6.6% from September 2007 as total
construction-particularly for residences-continues
to decline in the wake of a declining economy. Private
construction increased by 0.1% for the month, but
private residential construction fell by 1.3% from
August to September. Total public construction also
fell for the month. With the financial crisis still
restricting credit to new projects, total construction will
most likely decline in the coming months also.
- Senior Loan Officer Opinion Survey
- Credit conditions tightened during the third quarter
across most of the major credit and loan categories
reported in the Federal Reserve's Senior Loan Officer
Opinion Survey. Nearly 85% of domestic banks
reported tightening standards on commercial and
industrial loans compared with 60% in the July survey.
Lending standards for prime, subprime and
nontraditional mortgages tightened, as did standards
for credit card loans and other consumer loans.
- Vehicle Sales - AutoData
- U.S. vehicle sales fell sharply in October, to 10.5
million units on a seasonally adjusted annualized
basis. This pace of sales was last seen in the early
1980s. The industry has been the victim of the credit
freeze as well as the slowdown in consumer demand.
Every manufacturer experienced deep declines on a
year-over-year basis.
- Pending Home Sales
- The pending home sales index fell 4.6% to 89.2 in
September, a slightly worse than expected decline.
The index value for August was not revised
significantly. The index is up 1.6% from a year ago.
September's decline bought back about half of last
month's surprise leap, which suggests that demand
for existing homes may soften during the next few
months.
- MBA Mortgage Applications Survey
- n the week ending October 31, the MBA composite
market index reversed course last week and fell to
379.9 in a week that also saw a jump in FRM contract
rates. This is a fall of 20.3%, underlined by a steep fall
in both the refinance and the purchase indices. The
refinance index fell to 1,075.4, a 27.8% decrease. The
purchase index decreased by 13.9% to 260.9.
- Consumer Credit (G19)
- Consumer credit balances expanded again in
September, erasing the decline from the previous
month. Credit increased by $6.9 billion in September
to a total of $2.588 trillion. Both revolving and
nonrevolving credit balances expanded.
- Chain Store Sales
- Chain store sales fell 0.9% in October, below the
ICSC's previously released projections of flat growth.
Falling gasoline prices support sales, but this is
being more than offset by considerable drags from
economic concerns and strained household finances.
Drug stores, wholesale clubs and discounters are
outperforming as spending increasingly shifts toward
necessities.
- Oil and Gas Inventories
- Crude oil inventories were unchanged during the
week ending October 31, according to the Energy
Information Administration, falling short of
expectations of a 1.1 million barrel build. Gasoline
inventories rose by 1.1 million barrels. Distillate
supplies rose by 1.2 million barrels. Refinery
operating capacity was unchanged at 85.3%. Total
domestic petroleum demand rose slightly from the
prior week. This report should lend upward support to
oil prices.
- Natural Gas Storage Report
- Working gas in underground storage increased by
12 billion cubic feet during the week ending October
31, well below consensus expectations of a 25 bcf
build.
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BONNEVILLE RESEARCH - Working with clients to make things happen! |
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ELECTION IS OVER
When I entered this race it was clear we faced
incredibly daunting odds.
We have worked hard to run an honest, ethical
and issues driven campaign.
A few short months ago, no one imagined that
we'd have accomplished all that we have.
For most of this campaign, we were far behind,
and we always knew our climb would be steep and
challenging.
In this campaign we tried hard to bring together
Democrats, Independents and Republicans who are
tired of the divisions and distractions that have
clouded Utah politics; people who know that we can
disagree without being disagreeable; people who
understand that our system of government works
better when we have an active and balanced two-party
system.
We have huge challenges ahead of us - and just
as our immigrant ancestors pushed westward
against an unforgiving wilderness seeking religious
freedom and economic opportunities, we must
continue to push against unjust and unbalanced
elements of Utah government, and continue to
demand comprehensive and meaningful change.
It has been my honor and privilege to be a
candidate for Utah Governor.
My family was terrific, we had a great team of
workers and volunteers, Josie Valdez was a fabulous
Lt Governor candidate.
All of you who believe that we are not as divided as
our politics suggest; that we are one people; we are
one state; we are one nation; and that together we can
make this great state truly great.
I look forward to continue to work together with you
in the future to push for opportunity, prosperity, justice
and equality for all Utahns.
Thank you,
Bob Springmeyer
BONNEVILLE RESEARCH
Bonneville Research is a Utah-based
consulting firm providing economic, financial, market
and policy research to public and private sector clients
throughout the intermountain west.
Helping Clients Succeed
Our services include:
- Financial Analysis
- Business License Studies
- Impact Fee analysis
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Analysis and Budgets
- Strategy and Policy Analysis
- Economic and Fiscal Impact Analysis
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Effectiveness
Each of our studies is tailored to address
the
unique needs of our clients and their
communities.
Successful client work requires a
superior team of
outstanding people working fluidly together.
Bonneville Research is the one firm with
the experience and expertise to help
businesses,
governments and nonprofit organizations
solve their
toughest problems.
We work to help clients achieve enduring
results
and improve the communities in which we
live.
If we can help, please call or email us at:
- Bob
- 801-364-5300
- BobSpring@BonnevilleResearch.com
- Jon
- 801-746-5706
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JonSpring@BonnevilleResearch.com
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