Cook County sales-tax receipts plunge

Crain's:

Suburban Cook County experienced the biggest drop in sales tax revenue during the second quarter relative to the six collar counties, according to a study released Wednesday.

Sales tax revenue plummeted 14.4% during the April-June period from a year ago, based on a study conducted by the Chaddick Institute for Metropolitan Development at DePaul University. That followed a 12.1% drop in the first quarter and compares with a regional average of an 11.8% slump. Suburban Cook County excludes Chicago and Evanston.

The second-quarter drop marked the poorest quarterly performance in Cook County sales tax receipts since the unpopular tax increase took effect in July 2008. Retailers across the area also have contended with the worst recession in decades, which has led consumers to rein in their spending.
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The city of Chicago fared better than the rest of Cook County, posting a 9.6% drop in sales tax revenue in the second quarter. That's after an 8.6% decline in the first quarter for the city vs. a 12.1% drop for the suburban county.

The report attributed the relative outperformance of Chicago, in part, to the addition of new big-box stores, which helped improve the quantity and price-competitiveness of the city’s retail sector and reduced the drain of retail dollars to neighboring communities.

Interesting news, suburban Cook County struggling with this sales tax, but the city is faring much better!