PROGRESS 2018
Sunday, April 22, 2018 - 1
Special advertising supplement
SPECIAL EDITION
FLAGSTAFF
2018 PROGRESS ECONOMY
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Markers point to robust local economy John Saltonstall | Guest Contributor
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The economy in Flagstaff is doing well. Economic growth has been strong. These are statements we love to say and hope to hear, but what constitutes a strong economy? There is a “ton of dirt moving” to indicate construction projects, but is that really a good indication of a strong economy? And if so, by what measure? In Flagstaff, we can look at a number of measurements to explore how the economy has been growing, such as the Bed, Board, and Beverage tax, overall tax revenues, the number of building permits issued and the number of units being proposed or reviewed for future development. After exploring those numbers, we can review other anecdotal markers, such as specific brands that have entered the market or businesses that have expanded or re-invested in their operations. After such a review, we will be in verifiably good standing to say that the economy in Flagstaff is strong and growing.
BBB REVENUE
The Bed, Board and Beverage (BBB) tax collects a tax on the sale of such items. Therefore, it is a great indicator of the business status of hotels, restaurants and bars as well as the tourism industry in general. Here is an excerpt of the BBB revenue tables followed by narrative. In 2009, after the Great Recession, the BBB hit bottom with an annual revenue of $5.05 million, but in the following year, the BBB began to level off. The BBB revenue for 2010 was $5.07 million and has been growing ever since. Between 2010 and 2017, the BBB experienced increases between 4 and 15 percent each year. In 2017, BBB revenues were approximately $8.64 million—a growth of about 67 percent since 2008. This suggests strong economic growth. Despite the winter being as lean as it was with snowfall, the BBB for February appears to be up 78 percent over where it was in February of 2017, which
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REASONS TO CHOOSE FLAGSTAFF
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4 ECONOMY Page 1-2
REAL ESTATE Page 4
7 LOCAL BUSINESS Page 5
8 TOURISM Page 6
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OUTDOOR Page 8
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HEALTH CARE Page 9
EDUCATION Page 10
TRANSPORT Page 7 Above photo courtesy of the Flagstaff Convention and Visitors Bureau
ARTS & CULTURE Page 8
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TECHNOLOGY Page 11
Saturday, April 28 • 11 am to 2 pm • Flagstaff Aquaplex Free Dental Screenings • Free Sports Physicals (first-come, first-served) • Free One-Day Swim Voucher Fun Activity Stations • Balloon Artists • Face Painting • Prizes & Much More!
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