San Juan County Auditor Milene Henley shares a detailed synopsis of the profound growth that several of the County’s key revenue sources experienced in 2021, along with insights into how those funds may (and may not) be used in the years ahead.
Spring is a time full of hope. Last spring, we hoped we would soon see the last of COVID. That didn’t turn out the way we’d hoped. But in many other ways, 2021 turned out to be a pretty good year.
The big surprise was how strong the economy was. Despite a few remaining weakened sectors and a frustratingly tight labor market, the economy thrived, both locally and nationally. Locally, San Juan County sales tax revenue grew 46% in 2021, after a small dip in 2020. With people traveling again, accommodations thrived, and lodging tax revenue (a subset of sales tax revenue) grew even more – a whopping 80% – after a 25% dip in 2020.
Strong state and national building and real estate markets also showed locally. Both the number of sales and the price of real estate in San Juan County rose dramatically in 2020 (51% in number of sales, 57% in dollars). In 2021, while the number of sales dipped slightly, the dollar volume rose another 21%, reflecting the increase in property values. Prices are driven upward, in large part, by the shrinking inventory of houses for sale. The number of properties available for sale shrank 45% from Jan. 2020 to Jan. 2021 and another 33% from Jan. 2021 to Jan. 2022. Continue Reading