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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.

 

Did you experience an increase in business activity due to summer or fall tourism? Take our 30-second survey:

 

http://www.surveymonkey.com/s/etipsurvey

           

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