www.hdlcompanies.com | 888.861.0220
Q4 2023*
Q4 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
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 Spring 2025
Agile Sourcing Partners
All American Asphalt
Amazon Com Services
Amazon MFA
American Electric
Supply
CardinaleWay Hyundai
Corona Nissan
Costco
Culver Newlin
Downs Energy
Ganahl Lumber
Company
Guest Supply
Home Depot
Larry H Miller Toyota
Corona
Robertsons Ready Mix
Ross
Sams Club w/ Fuel
South Coast Fire
Equipment
Spreen Honda Corona
Supply Patriot
Target
Vulcan Materials
Walmart Supercenter
West Coast Copper
Supply
Zumiez
SALES TAX UPDATE
CITY OF CORONA
4Q 2024 (OCTOBER - DECEMBER)
Corona’s receipts from October to
December were 6.0% higher than the
fourth sales period in 2023, primarily due
to a significant payment correction of
previously misallocated funds. Excluding
this and other reporting anomalies,
actual sales increased by 1.4%.
A new business addition had a notable
positive impact on heavy industrial
returns.
The aforementioned payment correction
resulted in the City receiving a larger
share of the countywide use tax
pool this quarter, as this funding is
distributed among local agencies based
on proportional cash receipts within the
county.
However, lower oil prices this year,
compared to last year’s high levels
driven by OPEC production cuts
and geopolitical conflicts, negatively
impacted this quarter’s results.
Measure X, the City’s voter-approved
district tax, underperformed compared
to Bradley-Burns results. As a
destination-based tax, it did not benefit
from the same increase in allocations
from the countywide use-tax pool.
Net of anomalies, taxable sales for all of
Riverside County declined by 1.1% over
the comparable period; the Southern
California region was down 1.2%.
TOTAL:
-0.5%
$11,392,480
Measure X
TOTAL: $ 15,384,394
1.4% -1.1% -1.1%
COUNTY STATE
CORONA
4Q2024
TOP NON-CONFIDENTIAL BUSINESS TYPES
Q4 '24*
Corona
Business Type Change Change Change
County HdL State
Contractors 2,459.2 -3.3% -11.1% -4.8%
Fulfillment Centers 1,239.3 4.6% 0.3% 11.9%
Discount Dept Stores 1,165.4 -4.8% -3.2% -2.0%
New Motor Vehicle Dealers 701.6 2.2% 0.4% -2.2%
Building Materials 692.8 0.1% -3.6% -3.4%
Heavy Industrial 658.1 38.9% 6.0% -2.7%
Service Stations 578.9 -15.1% -13.5% -13.0%
Casual Dining 566.9 3.2% 2.4% 1.9%
Plumbing/Electrical Supplies 502.9 12.5% -1.5% -1.6%
Quick-Service Restaurants 490.4 2.5% 3.3% 1.6%
*Allocation aberrations have been adjusted to reflect sales activity *In thousands of dollars $0
$10,000
$20,000
$30,000
$40,000
Corona
12 16 20 24
County California
SALES PER CAPITA*
*ADJUSTED FOR
ECONOMIC DATA
4Q 2024 CITY OF CORONA SALES TAX UPDATE
STATEWIDE RESULTS
California’s local one cent sales and
use tax receipts during the months of
October through December were 1.2%
lower than the same quarter one year ago
after adjusting for accounting anomalies.
The fourth quarter is notably the highest
sales tax generating period of the year
but exhibited diminished year-over-year
returns as consumers struggled with tariff
concerns and pulling back on discretionary
spending.
For the past eight quarters - two calendar
years - statewide results have declined;
led mostly by autos-transportation and
building-construction suppressed activity
due to the sustained high interest rate
environment. Specifically, this quarter,
as new and used car returns pulled back,
only leasing activity improved likely
representing buyers willingness to wait for
more advantageous economic conditions
before committing to long term obligations.
Furthermore, building-construction drops
spanned multiple categories including
building materials, plumbing/electrical
and contractors as property owners delay
repairs and improvements until they’re
more comfortable tapping available equity.
During this holiday shopping period, brickand-mortar general retailers slumped 2.4%, further hindered by lower gas prices. Recent
closures by merchants selling variety/
low priced items and weaker returns from
department stores were most impactful.
As consumers appeared more interested in
value/discounted items vs higher priced/
luxury goods, overall statewide receipts
revealed growth from online retailers by
way of local returns through fulfillment
centers and allocations via each county’s
use tax pool demonstrating a desire to
spend, just more through different vendors
which shifted local tax distributions.
Fuel and service stations experienced a
drop of 14% largely due to the decreased
price of global crude oil. While this dynamic
hurt the sector results, it did allow for more
disposable income to be spent in other areas
and does not appear to be changing in the
near term.
Revenue from restaurants sustained a
modest gain of 1.3%, with only a waning
from fine dining establishments – consistent
with spending trends in other sectors. As
eateries try and balance higher menu prices
and demand, a ‘return to office’ call by
businesses could inspire future increased
foot traffic for many venues in metropolitan
centers.
The fourth quarter also marks the end of the
calendar year. As expected 2024 was 1.2%
lower than 2023 with most sectors taking
a hit. Only restaurants, business-industry
and allocations via the county use tax pools
improved.
With national tariff discussions happening
at the federal level, consumers start 2025
wondering if higher priced goods and
difficult decisions are on the horizon. Also,
the Federal Reserve Board hasn’t signified
any relief by way of lower interest rates
leaving only minimal growth expectations to
come. The theme of the current economic
outlook is uncertainty.