Lafayette’s Retail Growth Jumps 11.5% in 2014
The City of Lafayette ended the year with double-digit sales tax gains. 2014 sales tax collections came in at $11,425,967 – up 11.5% from 2013 – signifying a continued rise in Lafayette’s retail activity and economic development expansions.
The city’s retail sales have increased annually since 1999 demonstrating a 188% overall growth rate. Lafayette’s success can be attributed to the steady, continued expansion of new retail construction, restaurants and breweries, and increased shoppers, earning Lafayette a healthy sales tax base. In comparison, neighboring Louisville sustained 16% in retail growth from 1999 to 2014 and sales tax revenue of $11.1 million in 2014.
Lafayette is also enjoying significant growth rates in assessed commercial property values, another positive economic indicator which leads to increased property tax revenue. Since 1999 the assessed commercial valuation in Lafayette rose from $27.4 million to $104.7 million. This 283% increase extends beyond periodic comparative sales adjustments and is indicative of the many commercial developments listed in the 2015 Community Profile. Over 2,300 new jobs have been created from just the top 5 employers moving to Lafayette since 1999.
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