Sales in Lafayette could exceed $2B
Published 12:00 pm Wednesday, March 8, 2023
The Mississippi State University Extension Office released its economic profile for Lafayette County on Monday showing total sales at around 2.1 billion dollars for the Feb. 2022 to Jan. 2023 time-frame.
Since the data comes from the Mississippi Department of Revenue and has not yet been reconciled, the numbers in these monthly reports will not likely sum to the annual report.
The county exceeded one million dollars in total sales in 2016 and has been on track to reach the two billion mark ever since. With Oxford’s university, historic places and people, and retail/food community, the city is a place that many visitors still want to enjoy and spend their buck.
Email newsletter signup
The estimated change in sales numbers show that retail trade and accommodation and food services garnered the most dollars from Feb. 2022 to Jan. 2023. The third highest being the construction sector.
Lafayette County Economic Development Foundation President Jon Maynard explained that the burst in sales in 2022 occurred for a multitude of reasons.
“A couple of things contributed to this,” Maynard said. “Number one, the record freshman enrollment at the university. When you have more people on campus, you bring in more students, parents, and games. When there’s more students here, the bigger the impact will be on everything else. That is a key driver. I also believe that people are still spending money after COVID-19. Some people are spending more money because they can.”
“Oxford has become a destination for so many things. It’s become a destination for cultural and sports travel, and university relationships. People are coming from far and wide to experience Oxford and spend their money,” he said.
Total sales growth from 2022 over 2021 sits at 20.20 percent. The population in Lafayette County sits at 56,884 in 2021 which results in a 17.46 percent growth rate from 2011-2021. The county saw a 2.9 percent population increase in 2020-202,1, the eighth highest in Mississippi.