The City of Charlottesville and Albemarle County saw record high retail sales last year — a combined $2.5 billion — making 2014 the first year to have higher retail sales than pre-recession years. Sales were $142 million higher than retail sales in 2007 — the previous highest grossing year. Retail sales were up in Charlottesville by 9.66 percent from 2013, and were up in Albemarle County by 5.17 percent.
Economics Prof. Kenneth Elzinga said there are many causes for this rapid growth in sales, including regional population growth.
“Several factors are at work: there is vigorous competition in the sale of goods and services in all the major sectors of retailing in the Charlottesville/Albemarle area,” Elzinga said. “The overall economy here is strong, compared to much of the country; and the population base is growing. Each of these contributes to record high retail sales.”
Growth in retail sales reflect simultaneous and similar growth in local tax revenue. As retail sales have risen in Charlottesville and Albemarle County the last few years, so has revenue from taxes. The Charlottesville Regional Chamber of Commerce said 2014 saw major growth in regional tax income.
“In addition to the retail associated jobs and private investment, a gain or loss in retail sales equates to a local tax revenue gain or loss,” the Chamber said in a press release. “In 2014 total sales tax revenues in Albemarle County were $14.180 million, a year-to-year gain of nearly $700,000. Total 2014 sales tax revenues in the City of Charlottesville were $10.894 million, a year-to-year gain of nearly $960,000.”
According to the 2014 Chamber Jobs Report, 22.2 percent of private sector jobs in the Greater Charlottesville Region — roughly 18,200 jobs — fall under the category of Trade, Transportation and Utilities, most of which are in turn connected with retail.
The growth felt in Charlottesville and Albemarle was not seen in many of the surrounding counties. Louisa County retail sales were down 2.97 percent and Augusta County sales were down 0.03 percent. Greene County sales saw a slight growth, up 0.37 percent.
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