Parrish Announces 2000 Taxable Sales - Second Quarter - News Release - 2000
Parrish Announces 2000 Taxable Sales - Second Quarter
Taxable sales in California continued to grow at a strong rate during the second quarter of 2000 announced Claude Parrish, Chairman, State Board of Equalization (BOE). "This shows that the California economy continues to grow and business creation is expanding," stated Parrish. Transactions subject to the sales and use tax totaled $111.0 billion during the second quarter of 2000, an increase of $12.9 billion or 13.2 percent over the second quarter of 1999.
In constant dollar terms, taxable sales grew by 11.4 percent over the same quarter a year ago. The California Taxable Sales Deflator measured an inflation rate of 1.6 percent for the second quarter of 2000.
Retail stores posted taxable sales of $71.2 billion, a 13.1 percent increase over the same period a year ago. Retailers of durable goods experienced a 15.2 percent increase, while non-durable goods experienced a 10.9 percent increase.
In the durable goods category, new car dealers had another quarter of double-digit growth; the tenth in the last twelve quarters. New car dealers posted taxable sales of $11.7 billion during the quarter, a 17.2 percent increase over the second quarter of 1999. Retailers of building materials registered continuing strong growth in sales as California's construction industry continued to perform well. Building material dealers posted taxable sales of $5.9 billion, up 14.9 percent from a year earlier. However, construction contractors showed modest growth over the same period last year with taxable transactions of $4.6 billion, an increase of 8.0 percent.
Gasoline consumption was up slightly and measured 3.8 billion gallons. That increase represents a 3.0 percent increase from the second quarter 1999, even though the average price of gasoline during the second quarter was $1.598, a 12.9 percent increase from the previous year's price. Service station sales during the second quarter again increased significantly, posting an 18.0 percent increase when compared with second quarter 1999.
Most other non-durable goods retailers experienced moderate to strong levels of growth. Restaurants had sales of $8.9 billion, increasing 9.2 percent while general merchandise stores realized sales of $9.4 billion, an increase of 8.7 percent.