General Plan Update - City of Inglewood

2.3 Economic Trends and Conditions
Market Conditions and Trends
City of Inglewood Taxable Sales: 1994 to 2004
As a major municipal General Fund revenue source, sales tax is a significant contributor
to the economic vitality of the City. Taxable sales data as obtained from the California
State Board of Equalization show the following trends:
• As shown in Table 2.3-18 and Figure 2.3-14, total taxable sales transactions in the
City of Inglewood have grown from 1994 to 2004, increasing in constant 2005
dollars from about $675.0 million in 1993 to $833.2 million in 2004.
• Taxable Retail sales in the City grew annually at an average annual rate of 2.6
percent over the period 1994-2004. Taxable non-retail sales grew at less than onesixth
that rate, or about 0.4 percent annually.
• Trends from 1994 to 2004 show that the City’s taxable sales consist primarily of
retail sales, and this share has grown. In 1994, taxable retail sales comprised
77.5 percent of the total taxable sales and in 2004 it comprised 81.1 percent of the
total taxable sales. This consistent with the decline in manufacturing activity in the
City from 1994 to 2004.
Table 2.3-18 City of Inglewood Taxable Sales Trends: 1994 to 2004
(in '000s Constant 2005 Dollars)
Retail Non Retail Total Share of Retail
1994 $522,915 $152,058 $674,973 77.5%
1995 479,344 193,972 673,316 71.2%
1996 480,565 199,206 679,771 70.7%
1997 465,249 186,598 651,847 71.4%
1998 438,059 192,426 630,484 69.5%
1999 441,728 201,335 643,062 68.7%
2000 586,583 245,260 831,843 70.5%
2001 610,516 197,260 807,776 75.6%
2002 605,810 170,708 776,518 78.0%
2003 591,870 151,922 743,792 79.6%
2004 $675,549 $157,614 $833,163 81.1%
1994 to 2004 Annual
Average Growth Rate
2.60% 0.40% 2.10%
SOURCE: Stanley R. Hoffman Associates, Inc.
California State Board of Equalization
City of Inglewood General Plan Update Technical Background Report
2.3-29