Tuesday, October 5, 2010
Grapevine economic indicators pointing upward
Things like the forthcoming Super Bowl and DFW Connector project may mean further economic development in Grapevine.
Several economic indicators are showing renewed strength in Grapevine and other area cities. According to this article in the Fort Worth Star-Telegram, Grapevine’s sales tax revenues are growing when compared to last year.
Grapevine’s sales tax collections rose 7.7 percent last month compared with September 2009. It’s the third consecutive month that collections have increased.
This is great news for all of Grapevine. Although, it is probably too early to call this a full fledged rebound at this point. We would like to point out that we forecast the improvement on these pages just a couple of months ago. It was a fairly easy prediction to make given that government agencies tend to react to economic changes a little later than most for profit businesses. At the time, the City of Grapevine was going through some fairly significant budget cuts.
Other points from the Star-Telegram article linked above include mentions of lower unemployment rates in Grapevine and higher hotel sales:
While spending has increased, unemployment has fallen. About 6.4 percent of Grapevine residents were out of work in August, down from about 6.8 percent in June.
Consumers are also booking hotel rooms at higher rates. Grapevine hotels charged an average of $113 a night for a room in June, up from $81 in November and December. Hotel tax collections have risen similarly.
It is good news for everyone in Grapevine that the economy is showing improvement. Combine the above quotes with the fact that Grapevine had an absolutely huge Grapefest just a few weeks ago, and that we have a Super Bowl in DFW in the coming months, and that significant progress continues to be made on the DFW Connector project and you can see we have a lot of good things going on in Grapevine. These are all positive signs for the continued improvement in city tax revenues.
We certainly are hoping that the rebound continues.
Pegasus News Content partner - Grapevine TX Online
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