LEDA said during the second quarter, an increase in retail sales tax set a record number in May for Lafayette businesses.
LAFAYETTE, La (KLFY)-- Sales tax revenue in Lafayette set a May record with more than $714 million collected. Along with record numbers in sales tax for the month of May, Mandi Mitchell, President and CEO of the Lafayette Economic Development Authority said it welcomes the possibility of lowered interest rates this fall, and it's because, nationally, inflation is slightly decreased.
"When inflation begins to decline or to cool down, then you start to see that disposable income being spent on items that are nice to have beyond just the essential," Mitchell said.
LEDA said during the second quarter, an increase in retail sales tax set a record number in May for Lafayette businesses.
"So we had $714 million in sales in May of 2024 for that sales tax dollars that are generated here locally by our purchases at businesses that are physically present here in Lafayette," Mitchell said.
This is a 1.2 percent higher year-to-date sales than in 2023 and a 6.1 percent increase from 2022. Although the increase in may is a record high, during summer months, local businesses tend to see a decrease in revenue and sales tax until the fall.
"As summer vacations wrap up and back to school shopping starts, we encourage everyone to continue supporting local business, and LEDA continues to have a positive outlook on the local economy," Mitchell said.
Sales tax collection numbers are gathered by the Lafayette Parish School System, and they say an increase in year-to date-sales tax is not only seen in Lafayette, but throughout Acadiana.
