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Q3 2023*
Q3 2024*
Legend
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
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 Winter 2025
Agile Sourcing Partners
All American Asphalt
Amazon Com Services
Amazon MFA
American Electric
Supply
CardinaleWay Hyundai
Corona Nissan
Costco
Culver Newlin
Downs Energy
Duralum Products
Ganahl Lumber
Company
Guest Supply
Home Depot
Larry H Miller Toyota
Corona
Robertsons Ready Mix
Sams Club w/ Fuel
South Coast Fire
Equipment
Spreen Honda Corona
Stater Bros
Target
Vulcan Materials
Walmart Supercenter
West Coast Copper
Supply
SALES TAX UPDATE
CITY OF CORONA
3Q 2024 (JULY - SEPTEMBER)
Corona’s Bradley-Burns sales tax receipts
from July through September were 1.5%
less than the same period in 2023.
Excluding reporting anomalies, actual
sales decreased by 1.2%.
Lower prices for crude oil this year,
compared to last year’s high levels driven
by OPEC production cuts and geopolitical
conflicts, negatively impacted tax
receipts for discount department stores
that sell fuel, as well as local fuel-service
stations.
Automobile sales continued to struggle
due to high prices, elevated financing
rates, and limited credit availability, which
strained consumers’ budgets. The sale of
building materials also declined as the
real estate market remained stagnant.
However, a local plumbing/electric supply
distributor posted a strong quarter, and
the sale of contractor supplies advanced
modestly. A large machinery purchase
also boosted heavy industrial returns.
Voter-approved district tax, Measure
X, performed similarly overall to the
Bradley-Burns results previously
discussed.
Net of anomalies, taxable sales for all
of Riverside County declined by 3.2%
over the comparable time period, while
the Southern California region saw a
decrease of 2.3%.
TOTAL:
-1.8%
$10,642,880
Measure X
TOTAL: $ 15,387,230
-1.2% -3.2% -2.3%
COUNTY STATE
CORONA
3Q2024
TOP NON-CONFIDENTIAL BUSINESS TYPES
Q3 '24*
Corona
Business Type Change Change Change
County HdL State
Contractors 2,778.4 2.9% -9.9% -1.9%
Fulfillment Centers 1,258.4 18.0% -1.0% 5.6%
Discount Dept Stores 959.0 -6.0% -4.5% -4.3%
New Motor Vehicle Dealers 791.8 -2.7% -6.5% -8.0%
Building Materials 745.1 -7.9% -7.8% -4.2%
Service Stations 626.6 -16.2% -12.9% -12.8%
Plumbing/Electrical Supplies 589.5 12.3% -4.6% -3.2%
Heavy Industrial 578.8 22.1% -1.3% -0.4%
Casual Dining 527.8 0.5% 0.5% 1.1%
Quick-Service Restaurants 487.5 2.6% 4.1% 1.1%
*Allocation aberrations have been adjusted to reflect sales activity *In thousands of dollars $0
$2,000
$4,000
$6,000
$8,000
Corona
Q3
21 Q3
24 Q3
22 Q3
23 County California
SALES PER CAPITA*
*ADJUSTED FOR
ECONOMIC DATA
3Q 2024 CITY OF CORONA SALES TAX UPDATE
STATEWIDE RESULTS
California’s local one cent sales and use tax
receipts during the months of July through
September were 2.3% lower than the
same quarter one year ago after adjusting
for accounting anomalies. The calendar
year third quarter traditionally is noted for
pleasant weather and statewide tourism;
however, taxes fell when compared to a
year ago. As such, it also means a weak
start of the 2024-25 fiscal year for many
California agencies.
Once again, autos-transportation receipts
took a hit and declined 4.8%. This period
marks the seventh consecutive quarter of
downturn for the sector. While used autos
returns and leasing activity have improved,
revenues from new car sales struggled due
to sustained high interest rates, tightened
credit standards, and increased cost of
auto insurance. As such, inventories for
many dealers remain elevated, applying
downward pressure on prices and growth
into 2025.
The summer season is usually an
advantageous time for home repairs and
construction work, however, this industry
is also struggling with high consumer
interest rates and limited access to equity
for homeowners. New projects remain
sidelined as developers await more
favorable investment conditions.
Brick-and-mortar general consumer
retailers pulled back 3.8% - worsened by
lower gas prices. Consumers appear more
interested in lower priced/discounted items
vs higher priced/luxury goods, forcing
merchants to again consider inventory
needs. Additionally, competition from
online merchants is as fierce as ever, as
shoppers look for greater value. With
holiday shopping around the corner, local
store expectations remain soft.
Fuel generating taxpayers had a rough
quarter; a combination of consumption
declines and falling fuel prices thrust
comparisons down by 13%. Further
contraction of national drug store locations
coupled with the steady fall from cannabis
merchants dating back to 2021, caused a
decrease of 2.8% in the food-drugs category.
Expect similar percentage declines for the
upcoming end of 2024 quarter.
Although statewide tourism appears to
have improved over 2023, revenue from
restaurants experienced only a modest gain
of 0.7%, which included a dramatic drop
from fine dining establishments – consistent
with spending trends in other sectors. State
mandated minimum wage requirements
remained a challenge, with higher menu
prices reducing patron visits.
These sluggish results solidify 2024 as a
down year. Recent reductions to the Fed
Funds Rate aren’t considered to help until
later in 2025. Agencies should expect
fiscal year 2024-25 sales taxes to stay flat
or decline slightly as sluggish economic
conditions leave consumers cautious in their
spending patterns, especially for big ticket
items and discretionary products.