Second Quarter 2001 - Taxable Sales - News Release - 2002
Second Quarter 2001 - Taxable Sales
John Chiang, Chair, State Board of Equalization (BOE) announced today that taxable sales in California continued to grow at a much slower rate during the second quarter of 2001, continuing the trend from the first quarter of 2001. Transactions subject to the sales and use tax totaled $112.3 billion during the second quarter of 2001, an increase of 1.3 billion or 1.2% over the second quarter of 2000. This is a significant decrease when compared to the annual growth rate for 2000, which was 11.9 percent.
In constant dollar terms, taxable sales grew by 0.5 percent over the same quarter a year ago. The California Taxable Sales Deflator measured an inflation rate of 0.7 percent for the second quarter of 2001.
Retail stores posted taxable sales of $73.9 billion, a 3.7 percent increase over the same period a year ago. Retailers of durable goods experienced a 2.2 percent increase, while non-durable goods experienced a 5.3 percent increase.
In the durable goods category, new car dealers posted taxable sales of $12.4 billion during the quarter, a 5.7 percent increase over the same period a year ago. Retailers of building materials registered continuing moderate growth in sales as California's construction industry continued to perform well. Building material dealers posted taxable sales of $6.4 billion, up 8.5 percent from a year earlier. Construction contractors showed moderate growth over the same period last year with taxable transactions of $4.8 billion, an increase of 4.8 percent.
Gasoline consumption was down slightly and measured 3.7 billion gallons. That decrease represents a 0.9 percent decline from the second quarter 2000. The average price of gasoline during the second quarter was $1.814, a 13.5 percent increase from the previous year's price. Service station sales during the second quarter again increased significantly, posting an 11.0 percent increase when compared with second quarter 2000.
Other non-durable goods retailers experienced more moderate levels of growth. Restaurants had sales of $9.3 billion, increasing 4.5 percent, while general merchandise stores realized sales of $9.7 billion, an increase of 3.0 percent.