Oxford economy reaches new high with record sales tax revenue
Published 11:03 am Tuesday, December 26, 2023
Oxford’s local economy is showing robust growth, as reported by Mayor Robyn Tannehill at the Dec. 19 Board of Aldermen meeting. The city’s sales tax revenue for October reached a record high of $1,295,713.16, setting a precedent for economic prosperity in the area.
According to Mayor Tannehill, this impressive figure represents the revenues generated two months prior, indicating a sustained period of economic growth for Oxford. The city has consistently surpassed the million-dollar mark in sales tax revenue for nine consecutive months and 14 out of the last 15 months.
The mayor highlighted that this upward trend is not just a spike but a steady climb, with a 7.09 percent increase compared to the same month last year. These numbers reflect a thriving business environment within the city.
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Further bolstering the positive economic report, the 2 percent food and beverage tax showed a 3.99 percent increase from the same period last year. Additionally, the Hotel Motel tax revenue soared by 26.78 prcent compared to last year, underscoring a boom in the hospitality sector.
Tannehill’s announcement confirms that Oxford’s economy is not only stable, but flourishing. This growth is a testament to the city’s resilience and the successful business activities within the community. As the mayor proudly stated, “Business is booming in Oxford,” reflecting the vibrant and dynamic nature of the city’s economic landscape.