Recovery Gains Momentum in Santa Fe | City of Santa Fe

Recovery Gains Momentum in Santa Fe

22 Jun, 2021

April Taxable Gross Receipts Exceed April 2019. For the third consecutive month, Santa Fe’s Gross Taxable Receipts show significant year-over-year growth compared to both 2020 and 2019 – an indicator that the recovery from the pandemic-induced recession is gaining momentum.

April 2021 taxable gross receipts for Santa Fe businesses were strong, surpassing both April 2020 (by $102.4 million) and April 2019 (by $29.9 million). Taxable gross receipts in April 2021 were $306.7 million, 50.1 percent greater than April 2020, ($204.3 million) and 10.8 percent greater than April 2019 ($276.7 million). 

The NM Tax and Revenue Department issues the reports two months after the calendar month, so they represent a snapshot of spending more than two months in the past.

In all, 20 of the 21 industry sectors grew year over year and 16 of 21 industry sectors grew their taxable gross receipts over April 2019 as well.   

  • Retail Trade was up dramatically, $98.9 million in taxable gross receipts for April 2021 compared to $56.3 million in April 2020 and $76.2 million in April 2019, or YOY growth of 75.7 percent and 29.9 percent respectively.  
  • Accommodation and Food Services receipts grew $25.5 million in April 2021 compared to April 2020, and up $2 million over April 2019.
  • Construction remains strong, up 2.9 percent YOY ($1 million in receipts) and $2.7 million more than April 2019. 

The April 2021 distribution was a $4.1 million increase from April 2020 and a $2.5 million increase from April 2019. The City received $11,006,996 for the Gross Receipts Tax revenue generated in April 2021, compared to $6,891,054 in April 2020.  Adjusting for an anomalous 2019 report that included a disbursement from the state, this is the second largest distribution ever.

City Finance Department Investment Officer Brad Fluetsch says: “It's noteworthy that the Accommodation and Food Service industry is back to pre-pandemic levels. Along with growth in other discretionary spending over 2019, this means that all the growth in the other sectors, like Construction, Utilities and Professional, Scientific and Technical services falls to the bottom line as actual growth, not simply a redistribution of revenues. Business is good in the city, and that is good for GRT collection."

Mayor Alan Webber says: “The continuing good financial news shows that the sacrifices everyone made during the pandemic in Santa Fe, and the resilience we showed, are paying off -- not just in terms of public health and safety, but in a robust recovery.” 

Read the City's April GRT memo here.