By Alex Gary - May 9th 2024
BELOIT
Shoppers were still bullish in the first quarter as retail sales showed higher than expected retail gains in February and March, according to the U.S. Census Bureau.
The gains were even bigger in Rock County. According to the Wisconsin Treasurer’s Office, retailers in Rock County collected a record high sales and use tax in the first quarter.
In the first three months, Rock County retailers produced $5.09 million in sales and use taxes. That was a solid 7.4% higher than the first quarter of 2023, but it was also the highest amount collected in any quarter, topping by a few thousand the amount collected in the third quarter of 2023.
Christine Drake has owned Pizzazz Gift & Apparel Boutique for 18 years. She said it’s been hard to guess trends since the COVID-19 pandemic, but she definitely noticed increased traffic and sales in the first three months of the year.
“One thing we’ve noticed is that there were still things that were postponed because of COVID,” Drake said. “Things like trips and weddings and people are doing those things again so there’s a need for new clothing.”
Sales and use taxes collected are the best for local officials to track retail strength in Rock County. Retail is one of four sectors of the economy used by the Rock County Development Alliance to gauge the local economy with its Rock Ready Index.
The first quarter index showed that the Rock County economy continues to recover strongly from the pandemic.
The real estate market rebounded in January, February and March after the slowest year for home sales since the mid-1990s. Sales increased 6.6% over first quarter 2023 and average sale prices were up 2.1%.
The one negative of the quarterly report was that the average unemployment rate ticked up to 3.4% from 3.0% at the end of 2023, but that was still lower than the first quarter of 2023 average jobless rate of 3.5%. Even better, the number of job postings were up 4.4% year-over-year, showing that positions are available, but job seekers continue to be picky.
The fact that the local economy is performing well is a tremendous sign considering the economic pipeline is as strong as it has been this decade. According to the index, there are 2 million square feet of projects being developed that will cost more than $600 million and, if all come to fruition, will add more than 1,250 jobs in Rock County.
These figures do not include three big projects that could be under construction by the end of the year. The long-awaited Woodman’s Sports and Convention Center in Janesville is progressing. After nearly seven years of planning, workers finally began tearing down a former Sears department store to make room for a $46 million project that will serve as home to the Janesville Jets.
Henry Dorrbaker’s, which will be a 20,000-square-foot entertainment venue in a vacant warehouse on the Ironworks campus in Beloit, should begin construction soon. The plan calls for duckpin bowling, miniature golf and other games.
The pipeline figures also do not include the even longer-awaited Ho Chunk Casino, which finally has a target groundbreaking set for the fall near Interstate 90 in Beloit. That massive project alone would create 1,500 jobs upon completion. It is a $400 million investment by the Ho Chunk Nation.
”The combination of the ABC Supply Stadium, Henry Dorrbaker’s, the (Woodman’s center) and the casino have the potential to elevate Rock County’s entertainment/hospitality profile into an entirely different position,” said James Otterstein, Rock County Economic Development Manager, in an email. Otterstein collects the data and creates the Rock Ready Index.
“Even when isolating the future impacts of the Casino, which is an important variable that will be driven by the (intergovernmental agreement), the collective boost from these projects should be exponential.”
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