Issue Brief: Taxable Sales in Southwest Florida
The recently published Regional Economic Indicators by the Regional Economic Research Institute reported that taxable sales were up 6 percent in October 2020 compared with October 2019. The Covid-19 protocols imposed by the state such as lockdowns and limited capacity imposed at businesses associated with consumer fear of face-to-face contact changed the pattern of consumption for most households who started to rely more heavily on online purchases. This shift in consumption pattern makes the reported numbers by the RERI puzzling at a first look. This issue brief digs deeper into the drivers of local taxable sales.