Actual Seal Beach sales increased in the first quarter of 2023, according to the latest report from HdL Companies. That is, compared with the first quarter of last year.
That’s the most recent report available on Seal Beach sales news. You can find the document on the city website.
“Seal Beach’s receipts from January through March were 8.7% above the first sales period in 2022. Excluding reporting aberrations, actual sales were up 1.5%,” according to the HdL Companies’ Summer 2023 City of Seal Beach Sales Tax Update.
It’s actually normal for there to be a time lag between collecting sales taxes and having the data from the collecting. In the city of Avalon, for example, the council received a report on May’s sales tax revenue at the Aug. 1 council meeting.
“This quarter’s sales tax performance reflects more cautious behavior by consumers and a slight overall statewide drop in sales tax, as it is still unknown if a recession will take place,” according to HdL Companies.
“The City’s overall growth came from a one-time boost in the state and county pools and its second largest sector, restaurants & hotels, with casual, fast casual and quick service restaurants performing well. Dining out is still included in consumer spending plans,” according to HdL.
“Receipts from office equipment were also up,” according to HdL.
“Returns from service stations, convenience stores, electronic/appliance stores, home furnishings, sporting goods, and autos & transportation declined and combined to partially offset the overall gain,” according to HdL.
Statewide
“California’s local one cent sales and use tax receipts for sales during the months of January through March were 1.1% lower than the same quarter one year ago after adjusting for accounting anomalies. The first quarter of the calendar year experienced heavy rainfall and a slight pullback by consumers during this post-holiday period,” according to HdL.
“The building and construction sector was most impacted by wet weather conditions, especially contractors and paint/glass vendors. Furthermore, when coupled with year-over-year (YOY) lumber price declines, the sector saw a 9.7% statewide drop,” according to HdL.
“YOY declines in fuel prices at the pump reduced receipts from gas stations and petroleum providers,” according to HdL. Among the top 25 sales producers in Seal Beach are 76, Chevron, and Mobil., according to HdL
“Even with OPEC’s recent production cuts, the global cost of crude oil has remained steady setting up for moderate gas prices for travelers and commuters in the coming summer months,” according to HdL.
“Retailers also selling fuel experienced a similar impact and when combined with weak results from department stores, overall general consumer goods’ returns slightly declined,” according to HdL.
Countywide
“Use taxes remitted via the countywide pools decreased 1.1%, marking the second consecutive quarter of decline. Cooling consumer confidence, expansion of more in-state fulfillment centers and retailers using existing locations to deliver goods tied to online orders continue to shift taxes away from the pools,” according to HdL.
“For the remainder of 2023 sales taxes may decrease modestly, then begin a nominal recovery in early 2024,” according to HdL.
“Volatile economic indicators such as the Federal Funds rate, unemployment levels, and discretionary spending will influence outcomes,” according to HdL
“While it appears the Federal Reserve’s actions to fight inflation is taking effect, any lasting downward pressure on consumer pricing could also hinder short term growth,” according to HdL.
