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Q1 2023*
Q1 2024*
Legend
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
SALES TAX BY MAJOR BUSINESS GROUP *Allocation aberrations have been adjusted to reflect sales activity Building
and
Construction
Business
and
Industry
County
and State
Pools
General
Consumer
Goods
Autos
and
Transportation
Restaurants
and
Hotels
Fuel and
Service
Stations
Food
and
Drugs
CITY OF CORONA HIGHLIGHTS TOP 25 PRODUCERS
Published by HdL Companies in Summer 2024
Agile Sourcing Partners
All American Asphalt
Amazon MFA
American Electric
Supply
Anixter
CardinaleWay Hyundai
Circle K
Corona Nissan
Costco
Culver Newlin
Downs Energy
Ganahl Lumber
Company
Guest Supply
Home Depot
Larry H Miller Toyota
Corona
Liberty Glass Fabricators
Sams Club w/ Fuel
Spreen Honda Corona
Stater Bros
Supply Patriot
Target
Vulcan Materials
Walmart Supercenter
West Coast Copper
Supply
SALES TAX UPDATE
CITY OF CORONA
1Q 2024 (JANUARY - MARCH)
Corona’s receipts from January through
March were 12.2% below the same
period in 2023, largely due to a significant
audit recovery in the comparison year.
Excluding this and other anomalies, actual
sales increased by 2.6%.
Sales of contractor construction supplies
surged, rebounding from last year’s dip
caused by an unusually rainy winter.
Fulfillment centers benefited from the
ongoing shift to online shopping, and
heavy industrial equipment sales rose
due to a local entity’s acquisition of
equipment and the opening of a new
local supplier.
Conversely, allocations from the
countywide use-tax pool were negatively
affected by the previously mentioned
audit recovery, as funding is based on
proportional cash receipts among local
jurisdictions. Auto sales were also down
as high financing costs made purchases
more expensive.
Measure X underperformed the BradleyBurns results because, as a destinationbased tax, it did not benefit from the surge in contractor construction supply
or fulfillment sales, which were mostly
delivered to other jurisdictions.
Net of anomalies, taxable sales for
Riverside County declined 0.3%, while
the Southern California region remained
flat.
TOTAL:
-1.5%
$10,057,732
Measure X
TOTAL: $ 13,866,042
2.6% -0.3% -0.2%
COUNTY STATE
CORONA
1Q2024
TOP NON-CONFIDENTIAL BUSINESS TYPES
Q1 '24*
Corona
Business Type Change Change Change
County HdL State
Contractors 2,210.4 30.2% 17.2% 4.6%
Fulfillment Centers 1,096.6 13.4% 4.4% 5.5%
Discount Dept Stores 922.0 0.3% 3.3% 1.6%
New Motor Vehicle Dealers 727.9 -17.8% -3.7% -10.4%
Building Materials 681.8 8.8% 0.3% -1.0%
Service Stations 583.4 -4.6% -3.4% -0.9%
Casual Dining 545.2 2.5% 2.1% 2.4%
Quick-Service Restaurants 466.2 3.6% 6.7% 2.6%
Heavy Industrial 454.6 27.4% 1.9% -4.6%
Plumbing/Electrical Supplies 439.8 -10.5% -12.8% -4.2%
*Allocation aberrations have been adjusted to reflect sales activity *In thousands of dollars
REVENUE BY BUSINESS GROUP
Corona This Quarter*
3%
Food/Drug
7%
Fuel
14%
Pools
8%
Restaurants
10%
Autos/Trans.
24%
Building
21%
Bus./Ind.
12%
Cons.Goods
*ADJUSTED FOR
ECONOMIC DATA
1Q 2024 CITY OF CORONA SALES TAX UPDATE
STATEWIDE RESULTS
California’s local one cent sales and
use tax receipts during the months
of January through March were
0.2% lower than the same quarter
one year ago after adjusting for
accounting anomalies. The calendar
year first quarter is traditionally the
lowest sales tax generating period;
however, returns were more on par
with the comparison period.
One of the only sectors continuing
to display declines was autostransportation. High interest rates created more expensive longterm financing costs. Combined with a dramatic cost of insurance
coverage rate spike, this group
declined 7.5%.
Fuel and service stations was the
other sector with a drop over last
year. As California drivers embark
on summer travel, they’ll do so with
slightly elevated gas prices versus
2023, probably yielding the final
period of negative results for the
category heading into 2025.
During this post-holiday shopping
period, general consumer goods
experienced a soft rebound
with very modest 0.5% growth.
Although retailers selling gas were
hurt by fuel prices, it did not stop
family apparel and department
stores from lifting revenues.
Restaurant activity contributed
constant growth of 2.1%. Only
fine dining establishments remain
hindered as more affordable menus
are preferred. Also, it appears some
eateries made operational changes
while implementing AB 1228;
however, there isn’t enough data
yet to understand if this new bill
impacted revenue.
Seemingly dramatic one-time
events helped boost businessindustry, as investments in office supplies-furniture and energy
projects were a significant reason for
3.6% gains this quarter. Additionally,
strong fulfillment center direct
payments demonstrated sustained
logistical expansion. When
coupled with improved returns
via the countywide use tax
pools, customers demonstrated
e-commerce preferences for
obtaining various goods. Overall
pool allocations improved 1.6%.
Statewide, 2024 begins in a more
positive fashion compared to the
recent trends of 2023. Buoyed 1st
quarter results may signify ‘the floor’
helping ease tax revenue concerns
while awaiting the next growth
cycle. The Federal Reserve and
their position with the Fed Funds
Rate remains the most probable
component between economic
stagnation or spring-boarding
consumer spending. Tourism and
local travel in the coming summer
period could further inspire
confidence.