Encouraging TOT trend -
highest growth rate since 2006
Calendar year-end Transient Occupancy Tax (TOT) revenues are up!
Revenues for November are up a whopping 17.8% from the same
month last year and up 8.5% year-to-date. This is great news for
the tourism industry, a vital part of SLO's economy.
Representing the 6th straight
month of TOT revenue increases, this is also the largest
year-over-year increase since April 2006. Anecdotally, this
confirms hoteliers' perceptions of a noticeable uptick in
tourism activity during the last months of the calendar year.
To put this in
perspective, however, revenues are still below their 2007-08
pre-economic decline level by 11% for November and 4%
year-to-date. The long-term analysis of local tourism activity
shows revenue moving in a steady upward trend from 2002 to 2006
with the largest one year increase in 2005-06. The last two
years have seen revenues "correcting" back to 2005-06 levels.
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