Sales tax revenues are a good barometer in gauging the strength of local economies. Aspen’s latest reported sales tax figures for November 2008 reflect the continuing economic downturn, slipping 5.5% overall. Tourist accommodations, sports equipment and clothing stores took the biggest hit – all off by approximately 20% compared to the same period in 2007. It is interesting to note that luxury items, namely furs, jewelry and galleries were up 49%, 58% and 38% respectively from November 2007 sales tax reports.
-Lynne Cantrell, Associate Broker
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