1.0 DEMOGRAPHIC
SUMMARY
To better understand the growth dynamics and market forces that will affect the evolution of commercial, retail, office and industrial uses in the Tooele Valley, a summary of the key demographic characteristics of residents in Tooele County/Tooele Valley was prepared.
1.1 DEMOGRAPHIC PROFILE FEATURING POPULATION & LIFESTYLE
COMPOSITION
Within Tooele County, the Tooele Valley includes the majority of the resident population base and has been the fastest growing area in Utah since the most recent Federal Census (2000). Tooele County was also reported to be the 3rd fastest growing county in Utah over the period 1990 - 2000. Table 1.1 provides a demographic summary for the year 2000 outlining the key demographic and household lifestyle characteristics, while Table 1.2 illustrates the projected population growth to the year 2020.
Highlights of Tables 1.1 & 1.2 include the following:
Ø Population growth will continue in the medium to long term, with projected growth rates at or above 5% per year from 2005 to 2020.
Ø Tooele Valley’s population is projected to surpass 50,000 by the year 2010, while the entire Tooele County’s population will exceed the 100,000 persons threshold by the year 2020.
Ø Tooele City and Grantsville will continue to be the areas of greatest growth at 5% - 6% per annum over the period 2005 to 2020 accounting for nearly 70 % of the entire County population base.
Ø Tooele County’s age distribution shows that the 0-17 year old age cohort and 35 – 54 year olds are among the dominant age groups and higher than that reported for the US and State of Utah, while the older populations greater than 55 years are below the State of Utah and US average.
Ø Tooele City’s demographic composition illustrates an average household size of 2.98, which is slightly below the Tooele County average of 3.11 persons/household.
Ø Lakepoint and Stansbury Park exhibit an average household income of $56,998 and subsequently a higher per capita income of $16,764, which is higher than any other area within Tooele County.
Ø Lakepoint and Stansbury Park, at 93.6%, have the highest rate of owner-occupied housing in the County, however population growth will be minimal in these areas, exhibiting a consistently slow rate of less than .5% per annum.
1.2 EMPLOYMENT & COMMUTING PATTERNS
The overall employment pattern within Tooele County is that of a relatively small employment base accentuated by a large out-of-county commuting workforce, flowing predominantly towards Salt Lake County. Accordingly, Tables 1.3 – 1.5 and Figure 1.1 highlight the key employment and commuting characteristics of Tooele County:
Ø Most recent complete data (Second Quarter 2001 April – June) on the labor force indicates that total civilian labor force employed in non-agricultural jobs was 11,660, which was an increase of 1.8% over the same period (2000)[1].
Ø Employment sectors exhibiting the greatest number of employees are Retail Trade (1,495), Manufacturing (1,467), Administrative Support & Waste Management (1,418) and Federal/Local Government (1,717/1,603). These four industries account for 66% of employment in Tooele County.
Government employment is spearheaded by the Tooele County School District, Federal Defense activities such as the Dugway Proving Grounds and Tooele Army Depot. Trade employment is dominated by Retail categories such as restaurants, grocery stores and discount department stores, while manufacturing is increasing its share as illustrated by the growth of the Utah Industrial Depot (UID). Table 1.4 illustrates the largest Public & Private Sector employers in Tooele County, the majority of which are located in the Tooele Valley.
Table 5.1 provides employment figures for market commercial uses only in 2002. Accordingly, the reported employment figures identified in the table have been taken from Table 1.3 to include only the commercial market driven categories[2]. Therefore, Table 1.5 excludes the categories of Agriculture, Mining, Construction, Utilities, Health Care and Government. Using the current estimated commercial inventories for office, industrial, retail and hotel uses, typical employment density ratios were applied to estimate demand for employment fostered by these same commercial market land uses. The results show that the demand for commercial uses requires the need for 6,381 jobs in the market driven categories, which correlates closely with the reported employment figure of 6,714 when broken down into the same market categories. This figure forms the basis for projected future new job requirements in Tooele County, as further identified in Section 5.0, required to meet commercial market land use demand in year 2020.
Table 1.6 illustrates the distribution of commuters to local based employment in 2002. Tooele County’s attractiveness to Salt Lake County residents for cheaper housing has fueled strong immigration into Tooele, however these “new” residents continue to commute to Salt Lake County/City for employment, therefore commuting out of Tooele remains an area of concern.
The statistics provided by the
Tooele County Engineering Department and Utah Department of Workforce Services
on population and employment respectively suggest that of the present
population base of 42,714 in the year 2002, approximately 12,978 people work
within Tooele County (Civilian Labor Force only). This figure equates to a jobs to local population ratio of
approximately 1 job for every 3 local people or 1 job for every 1.5 local
people participating in the workforce[3]. Additionally, the Utah Department of
Transportation Traffic Survey revealed that approximately 7,500 commuters leave
Tooele County on a daily basis[4],
which using the above ratio of 1 job for every 1.5 local people participating
in the workforce, equates to 35% outflow of local commuting workforce. This commuting figure suggests that
commuting out of the County is an issue to contend with in the local economy,
but may not be a severe as originally perceived.
Prepared By:
Thomas Consultants Inc., 2002 & Source: Tooele County Engineering Department 2002.
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TABLE 1.1 TOOELE VALLEY
DEMOGRAPHIC &
LIFESTYLE CHARACTERISTICS
(FOR YEAR-END 2000 –
FEDERAL CENSUS YEAR) |
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SUB |
POPULATION |
AVE.
NUMBER OF |
EST.
NUMBER OF |
% OWNER
OCCUPIED |
DOMINANT
AGE |
ESTIMATED |
ESTIMATED |
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|
AREA |
2000 |
PEOPLE/HOUSEHOLD |
HOUSEHOLDS |
HOUSEHOLDS |
GROUPS |
HOUSEHOLD
INCOME |
PER
CAPITA INCOME |
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TOOLE CITY |
22,502 |
2.98 |
7,459 |
79.9% |
0 to 17 |
$45,294 |
$15,199 |
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GRANTSVILLE |
6,015 |
3.24 |
1,856 |
80.9% |
0 to 17 |
$46,522 |
$14,359 |
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LAKEPOINT/STANSBURY
PARK |
5,861 |
3.40 |
1,724 |
93.6% |
0 to 17 |
$56,998 |
$16,764 |
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STOCKTON |
443 |
2.86 |
155 |
90.3% |
0 to 17 |
$44,648 |
$15,611 |
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TOOLE COUNTY |
40,735 |
3.11 |
13,098 |
78.4% |
0 to 17 |
$45,378 |
$14,591 |
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TABLE 1.2
TOOELE VALLEY POPULATION
PROJECTIONS 2002 TO 2020 |
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SUB |
POPULATION |
ANNUAL GROWTH |
POPULATION |
ANNUAL GROWTH |
POPULATION |
ANNUAL GROWTH |
POPULATION |
ANNUAL GROWTH |
POPULATION |
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AREA |
2002 |
RATE |
2005 |
RATE |
2010 |
RATE |
2015 |
RATE |
2020 |
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TOOLE CITY |
23,493 |
2.40% |
25,225 |
6.34% |
34,301 |
4.49% |
42,724 |
5.47% |
55,763 |
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GRANTSVILLE |
6,307 |
2.40% |
6,772 |
6.34% |
9,209 |
4.98% |
11,742 |
4.98% |
14,971 |
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LAKEPOINT/STANSBURY
PARK |
6,093 |
0.47% |
6,179 |
0.30% |
6,273 |
0.35% |
6,384 |
0.33% |
6,490 |
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STOCKTON |
465 |
2.39% |
499 |
6.32% |
678 |
4.99% |
865 |
4.98% |
1,103 |
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TOOLE COUNTY |
42,714 |
2.40% |
45,864 |
6.34% |
62,364 |
4.98% |
79,516 |
4.98% |
101,386 |
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TABLE 1.3 |
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EMPLOYMENT SECTOR |
# OF |
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TOTAL CIVILIAN LABOR FORCE |
12,978 |
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Agriculture
Labor Force Total |
1,318 |
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Non
Agriculture Labor Force Total |
11,660 |
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Comprising the following: |
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Goods
Production |
2,139 |
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Mining |
43 |
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Construction |
629 |
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Manufacturing |
1,467 |
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Trade,
Transportation & Utilities |
1,689 |
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Wholesale Trade |
52 |
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Retail Trade |
1,495 |
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Transportation & Warehousing |
125 |
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Utilities |
17 |
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Information |
176 |
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Financial
Activities |
243 |
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Finance & Insurance |
177 |
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Real Estate, Rental & Leasing |
66 |
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Professional
& Business Services |
2,012 |
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Professional, Scientific & Tech Services |
534 |
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Management of Companies & Enterprise |
60 |
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Admin/Support & Waste Management |
1,418 |
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Education
& Health Services |
659 |
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Educational Services |
14 |
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Health Care & Social Assistance |
645 |
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Leisure
& Hospitality |
990 |
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Arts, Entertainment & Recreation |
28 |
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Accommodation & Food Service |
962 |
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Other
Services |
255 |
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Government |
3,497 |
|
Federal |
1,717 |
|
State |
177 |
|
Local |
1,603 |
Source: Tooele Chamber of
Commerce, 2002.
Source:
Utah Department of Workforce Services, 2002
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TABLE 1.4 |
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MAJOR EMPLOYERS |
# OF |
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PUBLIC SECTOR |
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Dugway
Proving Grounds |
1,036 |
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Tooele
County School District |
774 |
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Tooele
Army Depot |
513 |
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Deseret
Chemical Depot |
335 |
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Tooele
County Corporation |
277 |
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Chemical
Agent Disposal Facility (CAMDS) |
170 |
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Tooele
Valley Regional Medical Center |
157 |
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Tooele
City Corporation |
137 |
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PRIVATE SECTOR |
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EG
& G Defense Material |
578 |
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Magnesium
Corporation |
553 |
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Detroit
Deisel |
401 |
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Laidlaw
Environmental |
314 |
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Wal-Mart |
204 |
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Mortan
Salt |
133 |
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Smiths |
100 |
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Alberstons |
89 |
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Battelle |
88 |
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Christensen
& Griffith |
80 |
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Tooele
Federal Credit Union |
72 |
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TABLE 1.5 TOOELE COUNTY EMPLOYMENT
FORECAST FOR MARKET COMMERCIAL USES ONLY, 2002 |
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LAND
USE SEGMENT |
REPORTED
EMPLOYMENT |
ESTIMATED
INVENTORY |
TYPICAL
THEORETICAL EMPLOYMENT DENSITY RATIO |
CALCULATED
DEMAND FOR EMPLOYMENT (JOBS) |
|
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OFFICE |
1,105 |
400,000 |
3.00 |
/1,000 sq. ft. |
1,200 |
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INDUSTRIAL |
3,062 |
3,000,000 |
1.00 |
/1,000 sq. ft. |
3,000 |
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RETAIL |
2,465 |
700,000 |
3.00 |
/1,000 sq. ft. |
2,100 |
|
HOTEL |
81 |
245 |
0.33 |
/ room |
81 |
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TOTAL |
6,713 |
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6,381 |
Source: Thomas Consultants Inc., 2002 & Utah Department of Workforce Services
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TABLE 1.6 |
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Year |
Estimated Total Tooele Valley |
% Of |
% Of |
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2002 |
21,357 |
35% |
65% |
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7,500 |
13,857 |
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Source: Thomas Consultants Inc., 2002
Note: Working Population is based on approximately
1.5 people/household employed
1.3 DEMOGRAPHIC IMPLICATIONS
The amount and cost of
available land in Tooele County will continue to be a contributing factor to
the high growth rates, as people will continue to move to the Tooele Valley for
places to live and potentially for places of employment or business. Moreover, the significant population
growth rates within Tooele Valley suggest that these areas will require
increasing opportunities for commercial resources and employment centers.
The age profile suggests that over the next decade as the 0 – 17 and 35 – 54 year cohorts age, there will be a larger proportion of retiree empty nesters as well as young adults seeking housing, commercial and employment choices. The current age profiles confirm that young families dominate the Tooele Valley household structure.
Employment in Tooele County, since the reduction at the Tooele Army Depot, is increasingly becoming more diverse in which manufacturing, retail trades and services are gaining momentum. While the employment base will grow, that growth must be at an accelerated rate in order to attract employees and minimize the amount of commuting to the Salt Lake City region.
Utah’s urban sprawl,
particularly in Salt Lake City, will likely continue, meaning that Tooele
County will continue to grow rapidly. However,
until the business community discovers the benefits of Tooele County, the
County’s economic potential will be underachieved. Tooele County has the potential to become more than just a
“bedroom community” for the Wasatch Front.
The Tooele Valley is ideally
positioned to capture “spillover” population and as the local economy of Tooele
continues to diversify, the combination of population growth and diverse opportunities
may lead to greater retention of its residents for employment and commercial
opportunities, closer to where people live.
2.0 MARKET OVERVIEW
This section presents highlights of the market conditions for the various land uses specifically within the Tooele Valley, sourced from conversations with various commercial realtors, including Prime Commercial, Colliers CRG, Grubb & Ellis and conversations with representatives of the Utah Industrial Depot. The overall limited size of Tooele County’s commercial real estate market meant that there were no documented figures of inventories available and thus the estimated inventories are a result of site field work and conversations with the previously mentioned real estate sources. The results of the information provide a general pattern of the various commercial categories and their performance, representing the following sectors:
Ø Retail
Ø Industrial Business Park
Ø Office
2.1 RETAIL
Tooele County’s retail
infrastructure is primarily focused in Tooele City along its Main Street. This major arterial road is the primary
commercial/retail corridor in Tooele County.
The majority of the Tooele City’s retail facilities are older developments
and likely draws their patrons from Tooele City and nearby surrounding communities
such as Grantsville, Stockton and Lakepoint/Stansbury Park.
Overall, the dominant
retail format in the region is the ‘convenience strip center’. Typically anchored by a supermarket and/or
pharmacy, these strip centers feature the traditional tenant mix of convenience
and general merchandise (including personal/professional services, restaurants,
food stores, automotive, home/garden, books, sporting goods, etc.) that satisfy
the community’s everyday needs. The
recently completed Wal-Mart Super Center, the largest value-based general
merchandise retailer in the Tooele Valley region, is one of the few large
format (i.e. big box) retailers that service the region.
Given the lack of
retail facilities and/or selection in surrounding communities, Tooele City is
the dominant convenience shopping destination within the Tooele Valley. Features of the major retail centers in the
Tooele Valley are highlighted below:
Tooele City
Downtown/”Main Street”
Ø
Primarily represented by locally owned and operated
service-oriented retailers. The
offering is lower-order retail in nature with a variety of family and ethnic
restaurants. This segment of Main
Street
(i.e. downtown) is highly transitional and characterized by significant
turnover and vacancies.
Ø Non-pedestrian friendly and features a tenant mix that does not create any destination shopping appeal.
Ø The uninviting streetscape environment in Downtown Tooele City further adds to the challenges in attracting ‘quality’ retailers that would assist in revitalizing the street.
Main Street Shops (Located on 700 Block North Main Street)
Ø
Entire center is approximately 150,000 sq. ft.
Ø
Anchored by Smith’s grocery (approximately 60,000
sq. ft.) and a True Value hardware (approximately 50,000 sq. ft.)
Ø Example
of the lower-order traditional convenience-oriented tenant mix.
Macey’s Food & Drug Center (Located on 900 Block North Main Street)
Ø
One of the newer developments recently completed
in the last two years (approximately 70,000 sq. ft.).
Ø
Anchored by Macey’s Food & Drug (35,000 sq.
ft.).
Ø
Example of a center that includes more recognized
tenants such as Blockbuster, GNC & Great Clips, but still
convenience-oriented.
Ø Some
pad sites still available for development.
Wal-Mart Center
(Located at 1230 North and Main Street)
Ø
Hub of new retail development activity in Tooele
City anchored by 185,000 sq. ft. Super Wal-Mart.
Ø Additional
pads available for development at Gateway and Tooele Town Center adjacent to
Wal-Mart.
Community of
Lakepoint/Stansbury Park
Ø
Adjacent to Stansbury’s
residential neighborhood is the primary commercially zoned shopping area
highlighted by the Stansbury Center, approximately 20,000 sq. ft. featuring a pharmacy, medical offices and
other convenience retail (e.g. Deli & Pizza and Cabinet store).
Ø
Area is characterized
by medical service centers, fast food restaurants and gas/truck stop
facilities.
Community of Grantsville
Ø
Retail uses are
concentrated around one strip center on Main Street (a wide 4-lane road, and
completely automobile-oriented).
Ø
Soelberg’s Market,
approximately 30,000 sq. ft. in size, is the anchor and largest retailer in the
community. Adjacent tenants include a
bank, small lumberyard, hardware store, and gift store. Family style restaurants and fast food
establishments are clustered around this strip center.
Ø
Strip center
approximately 50,000 sq. ft. servicing the local community only.
Community of Stockton
Ø
Retail uses consist of
one general store and automotive related services.
Ø Lack of retail selection likely results in spending
and shopping occurring at other larger retail centers, such as Wal-Mart.
RETAIL MARKET HIGHLIGHTS
Table 2.1 highlights the market characteristics of the Retail sector in Tooele Valley:
TABLE 2.1
TOOELE VALLEY RETAIL MARKET SUMMARY
|
|
TOTAL INVENTORY (sq. ft.) |
VACANCY RATES (%) |
NET LEASE RATES ($/sq.
ft./annum) |
|
Retail Sector |
Est. 700,000 |
Est. 18% - 20% |
$6.00 - $18.00 |
Source: Thomas
Consultants Inc., 2002 & Commercial Realtors
The recently built Super Wal-Mart (185,000 sq. ft.) in Tooele City dominates the retail landscape and has contributed to a dramatic increase in retail space vacancy and business demise, particularly for Tooele City Main Street merchants and grocery stores. Conversations with local commercial realtors indicate that sales at Smith’s and Albertson’s may have experienced decreases since Wal-Mart’s entry into the Tooele marketplace. Macey’s has managed to hold its own thus far, while Albertson’s is planning a major renovation. The limited size and competitiveness of the Tooele retail market and dominance of the Super Wal-Mart has affected the amount of absorption capable in the Tooele Valley.
New retail projects adjacent to
the Super Wal-Mart include Tooele Gateway (40,050 sq. ft.), Super
Wal-Mart pads (31,690 sq. ft.) and the Tooele Town Center pads (35,500 sq. ft.
on 3 acres). Additionally, the Tri Peak
Plaza (approx 20,000 sq. ft.) is among the recent new shopping centers to be
developed in Tooele City.
Specifically, lease rates and retail vacancy are highlighted as follows:
Ø Highest lease rates are around the Wal-Mart, averaging $13.00 - $15.00/sq.ft. /annum and is the primary area of retail growth (this lease rate would likely be lower in order to attract a national tenant).
Ø North Main Street is offering leases averaging $7.50/sq. ft./annum however, due to its lack of direct proximity to Wal-Mart, retail stores along this section of Main Street are becoming more difficult to occupy.
Ø
Current commercial listings reveal that among 4 retail
properties on North Main Street totaling
137,517 sq. ft., 105,602 sq. ft. is vacant/for lease.
Ø Significant amount of vacant retail space for sale or lease, the majority of which is in Tooele City, including 49,875 sq. ft. of a total 64,648 sq. ft. at the Tooele Main Street Retail Shops (=77% vacancy) and 18,000 sq. ft. listed along North Main Street (suggested as a retail shop plaza).
2.2 COMPETITIVE RETAIL INFRASTRUCTURE IMPLICATIONS
The historic and current population base lacks the critical mass necessary to attract a broad range of national/branded retailers in the marketplace. Furthermore, the lack of retail infrastructure and minimal retail selection in the smaller neighboring communities of Stockton and Grantsville attracts these local residents to Tooele City’s retail core. The City’s function as the commercial/retail hub has the potential to make it the likely destination of future new retailers and retail growth as population grows over time.
The overall perception of Tooele’s retail infrastructure is convenience-based
and related to ‘chore shopping’ needs, and does not stimulate any form of
community or social gathering.
The City of Tooele’s strong
orientation towards convenience retail shopping, and limited
comparison/specialty retail selection has contributed to the general outflow of
retail spending to larger retail centers such as Salt Lake City. Conversely, the amount of automotive supply
service facilities adds another dimension to the Tooele Valley’s retail
orientation that could have the potential to stimulate in flow.
2.3 INDUSTRIAL MARKET
HIGHLIGHTS
Table 3.2 highlights the market characteristics of the Industrial sector in Tooele Valley:
TABLE 2.2
TOOELE VALLEY INDUSTRIAL MARKET SUMMARY
|
|
TOTAL INVENTORY (sq. ft.) |
VACANCY RATES (%) |
NET LEASE RATES ($/sq.
ft./year) |
|
Industrial Sector |
Est. 3 million |
Est. 38% - 40% |
$1.80 - $3.00 (UID - Warehouse) |
Source: Thomas
Consultants Inc., 2002 & Commercial Realtors
The former Tooele Army Depot,
now the Utah Industrial Depot (UID), is anchored by Detroit Diesel
(350,000 sq. ft.), Freightliner Corp (85,000 sq. ft.), and Log Furniture Inc.
(90,000 sq. ft.). The UID is the major
developed industrial project in the Tooele Valley occupying 1,179 acres, with
2.5 million sq. ft of industrial space.
Thus, the UID still has a relatively high vacancy near 60%. Despite the vacancy, the UID is a relatively
new project that is beginning to attract interested companies because of the
available sizes and favorable lease rates.
Overall, Industrial vacancy remains high, but this is largely
attributable to the UID, which currently has leased 980,000 sq. ft. of space[5].
North of Grantsville is a 108 acre industrial site (Burmester Industrial Park), in which Prime Commercial is targeting large distribution companies. Other than the UID, this is one of the only speculative build-to-suit land available. Tooele County is presently courting a 1 million sq. ft. industrial company potentially to locate at the Utah Industrial Depot that could potentially employ up 1,200 people.
The greatest attribute of the industrial market in Tooele County is the availability of inexpensive land/space and significant amount land presently zoned for industrial business park uses.
2.4 OFFICE MARKET HIGHLIGHTS
Table 3.3 highlights the market characteristics of the Office sector in Tooele Valley:
TABLE 2.3
TOOELE VALLEY OFFICE MARKET SUMMARY
|
|
TOTAL INVENTORY (sq. ft.) |
VACANCY RATES (%) |
NET LEASE RATES ($/sq.
ft./year) |
|
Office Sector |
Est. 400,000 |
Est. 20% - 25% |
$3.60 (UID) - $12.00 |
Source: Thomas
Consultants Inc., 2002 & Commercial Realtors
Office development is in its infancy in that there are no major office parks or projects in Tooele County. Much of the office development is in the form of conversion and re-use of existing buildings primarily in Tooele City’s downtown Main Street area or UID. There is currently listed for sale or lease a total of approximately 105,000 sq. ft. of office space in the Tooele Valley. Much of the office projects are non-corporate type operations featuring a small employment base. Other Industrial/Warehouse operations including the UID also have small offices incorporated into them, not reflected in the above figures.
2.5 HOTEL OVERVIEW
Within Tooele County, the Hotel Market is not large, averaging approximately 35 rooms per hotel and a total current inventory of 245 rooms. Accordingly, the current inventory of hotels includes the following list in which are three (3) National name brand hotel chains:
Best Western Inn Tooele 31 rooms
Comfort Inn 60 rooms
Hampton Inn 51 rooms
Valleyview Motel 15 rooms
Villa Motel 8 rooms
Oquirrh Motor Inn 40 rooms
Kirk Hotel 40 rooms
2.6 IMPLICATIONS OF THE MARKET OVERVIEW
In general, all commercial
market categories in the Tooele Valley show slow absorption. Vacancies are greatest in the Industrial
sector however, this should be tempered by the fact that the UID is in its
infancy and is beginning to attract significant and large corporations, which
should help to increase the employment base, while decreasing the vacancy and
thus stimulating potential further demand for additional industrial
activity. Hence, demand for
Industrial land will remain low until absorption reduces the present excess
inventory of available space.
The introduction of Wal-Mart
has had an influence on the local retail market in terms of absorbing retail
demand. Perceptions have been that the
gravity has shifted away from smaller merchants to the larger Wal-Mart store. However, time will tell the actual degree of
impact the opening of Wal-Mart has had on retailing in Tooele County
The overall value and
availability of land remains a strong feature for attracting businesses and
people to the Tooele Valley. Therefore,
given the slow market growth in these areas, the Tooele Valley must continually
look for other economic development initiatives to diversify and generate
economic and employment magnetism and growth.
2.7 GROSS TAXABLE RETAIL SALES
Gross Taxable Retail Sales are a useful tool in analyzing the economic fortunes of Tooele County and in highlighting the strengths and weaknesses in the marketplace. Tables 3.4 & 3.5 illustrate the taxable sales in Tooele County and Tooele City[6].
From Tables 3.4 & 3.5 the following highlights can be observed:
Ø
Taxable sales
overall are quite strong and thus reveal a healthy level of economic activity,
despite a wide spread “economic downturn” nation-wide.
Ø Historical pattern of taxable sales has been
increasing and more varied, thereby confirming the benefits of Tooele County’s
movement toward a more diversified economy, less reliant on government
services.
Overall, both Tables illustrate that in a consumer-driven economy the
major point of monetary interaction is in retail trade activity, in which Super
Wal-Mart has become the major economic engine, albeit to the detriment of
smaller Main Street retailers and grocers.
Tooele County Highlights (Table 3.4)
Ø
Total gross
taxable sales for the year 2000 were $332.3 million, representing an increase
of 7.64% over the previous year (1999), as illustrated in Figure 3.3.
Ø Since 1996, gross taxable sales have
increased at a rate over 7% and the pattern for the first three quarters of
2001 are consistent with the overall increasing trend. If the present growth of 7.50% continues, the
estimated gross taxable sales for 2001 would be approximately $357 million[7].
Ø Retail trade encompassing the categories of
Building & Garden, General Merchandise, Food Stores, Motor Vehicle Dealers,
Apparel & Accessories, Furniture, Eating & Drinking and Miscellaneous
account for nearly 60% (59.68%) of the entire taxable sales. General Merchandise in 2000 had gross
taxable sales of $43.5 million, while Food Stores and Motor Vehicles were $53.7
million and $60.3 million respectively.
Ø Total automobile sales in Tooele County,
including Private Motor Vehicle Sales were $70.2 million.
Table 3.4 illustrates that the automobile sales sector
grew at a combined rate of approximately 15% in the year 2001.
Ø General Merchandise (i.e. Department Stores
& Wal-Mart) represents the category with the most significant growth at
approximately 27% in 2000. (As of the end of the 3rd quarter 2001,
this category was growing at approximately 33%).
Despite a downward trend in 2001 for Food
Store sales, the categories comprising Auto Dealers, General Merchandise Stores
and Food Stores continue to capture the largest proportions of the consumer
dollar in Tooele County.
Tooele City Highlights
(Table 3.5)
Unlike the consistent pattern of growth in Tooele County, Tooele City’s growth has exhibited more ebb & flow, however this growth has been doing so while illustrating an overall trend of increasing growth. The estimated growth for 2001 was slower at approximately 3% - 4%, meaning the estimated gross taxable sales for the year 2001 were approximately $214 million, which is still an increase of $7.5 million over 20016.
Ø Total
gross taxable sales for the year 2000 were $206.5 million, representing an
increase of 14% over the previous year (1999) and constituting approximately
62% of the entire Tooele County’s gross taxable sales as illustrated in Figure
3.3.
Ø Retail trade encompassing the categories of
Building & Garden, General Merchandise, Food Stores, Motor Vehicle Dealers,
Apparel & Accessories, Furniture, Eating & Drinking and Miscellaneous
account for nearly 74% (74.39%) of the entire taxable sales. General Merchandise, in 2000 had gross
taxable sales of $27.3 million, while Food Stores and Motor Vehicles were $43.2
million and $54.7 million respectively.
Ø Total automobile sales in the City, including
Private Motor Vehicle Sales were $60.5 million. Table 3.5 illustrates that the automobile sales sector
grew at a combined rate of approximately 14% in the year 2001. This confirms that the majority of the
County’s automobile sales, including private sales take place within Tooele
City and that this value of total sales is a significant contributor to the
local economy.
Ø By
year-end 2001, it is estimated that General Merchandise will have increased
from $27.3 million in 2000 to approximately $32.8 million.
Ø Eating and drinking establishments continue to increase in taxable sales exhibiting an average annual growth rate of approximately 12%, representing one of the most consistent retail sectors in terms of growth.
The effect of Wal-Mart on the retail
landscape is confirmed by the increase in Retail Apparel & Accessories over
the first 3-quarters 2001, which showed an 8.07% increase, whereas the previous
two years had shown declines in this retail segment. Figures 3.1 &
3.2 illustrate that Tooele City is
the key economic generator and major contributor to the retail trade categories
that make up the Gross Taxable Sales for the entire Tooele County.