If the state of Redding’s current economy were embodied in a car, it would be tough to beat at the Redding Dragstrip. At least, that is the story being told by the robust results in the latest Economic Snapshot produced in partnership with Golden Valley Bank.
Here is an overview:
All five components (Sales Tax, Building, Housing, TOT, Employment) noticed strong increases in Q2 2021 which pushed the Snapshot to its highest level since 2010. Sales tax revenue was more than $8.4 million in Q2 2021, the highest level since the base year in Q1 2010. The total valuation of permits issued in Q2 2021 exceeded $76.9 million, the highest level since the base year. The average home sales price was more than $401k in Q2 2021, up for the fourth consecutive quarter and now at a record high level. Transient Occupancy Tax revenue surpassed $1.8 million in Q2 2021, the second highest grossing quarter since the base year. There were nearly 69k Shasta County residents employed in Q2 2021, an increase of 10.1% or nearly 6,300 more residents employed when compared to a year ago.
The August 2021 Redding Business Confidence Survey shows 49% of local business leaders are expecting better conditions in Redding over the next 12 months. Make sure to view the full results of the survey at www.GoldenValley.Bank or by clicking HERE.
State of the City 2021
The State of the City moves outside to “Umbrella Alley” on the afternoon of Friday, October 8th. The umbrellas will be replaced and the stage will be set for a 4:00 p.m. start and will offer the opportunity to publicly thank Signarama Redding, Golden Valley Bank, and the many local businesses that contributed to the construction of the colorful umbrella art. The Chamber will also recognize and thank all the many contributors to the Redding City Identity Project, which has brought to the community public art, the Downtown Redding monument sign, Redding Garden of Lights, and more. I will then have the honor of introducing Mayor Erin Resner who will give the State of the City address. We hope you will join us for this free, public event, followed by a celebration at The Park – Redding’s Food Truck Hub, featuring LIVE music sponsored by Professional Exterminators. Each event plans to be an inspirational and encouraging celebration of the positive momentum gathering steam across the city.
President & CEO