Record Tax Collections for Lafayette Parish, Louisiana; Breaks All-Time Record
Once again Lafayette Parish's sales tax collection has set a record. As Lafayette Parish continues to rebound from the catastrophic years of the pandemic, figures are actually the best they have ever been.
For the city of Lafayette, sales tax collection rose 5.4% for the year 2022, while other municipalities showed sizable growth.
It's been a tough financial year for many people with inflation affecting many sectors of the economy.
Broussard was the biggest winner in 2022. Sales tax collections rose 20.1% for the year.
Collectively, Lafayette Parish saw total sales tax collections at $8.2 billion dollars. That figure is the high-ever sales tax collection figure for Lafayette Parish. The 2022 figure surpasses the figure from 2021 by $509 million.
The city of Duson saw its sales tax collection rise by 14.3% while Youngsville saw a growth of 11.2%.
In the city of Scott, sales tax collection increased by 8.4%
Even the unincorporated areas in Lafayette Parish saw collections rise by 11%
As far as the city of Carencro, it was rough going for that city as it was the only major municipality to see a decline in retail sales tax collections. Sales were down 12.9% in Carencro.
President of the Lafayette Economic Development Authority Mandi D. Mitchell had the following to say,
Taxable sales remained impressive in 2022-with sales in December nearly reaching an unprecedented $800 million. Economists project inflation will continue to decline in 2023, which is welcomed news to consumers and retailers alike.
2022 figures for Lafayette Parish are up 6.6% from 2021 and a whopping 27.7% from 2020 when we were in the heart of the Covid-19 pandemic.