Susan Becker, Zions Bank Public Finance Senior Consultant, spoke to members of Business Expansion and Retention (BEAR) at a recent meeting regarding sales leakage from the local area.
At the meeting, Becker presented a sales leakage report for Carbon and Emery counties. Leakage occurs when people visit businesses out of the area instead of spending their money locally.
In Carbon County, the highest amount of leakage, nearly $7 million this past year, occurs when people shop elsewhere for clothing. Meanwhile, in Emery County, people are traveling to shop at general merchandise stores, accounting for over $15 million in leakage sales.
While many may view this leakage as negative, Becker explained that the report aims not to discourage, but to show areas where opportunity is available and expansion could be welcomed.
On a positive note, Carbon County is excelling with general merchandise stores, pulling in over $31 million, and motor vehicle and parts dealers, earning over $20 million in the last year. Emery County does well in the repair and maintenance category, bringing in nearly $3.7 million, while accommodation earns almost $4 million.
For a complete summary of the sales leakage for the two counties, please see image below.
Dan Royal from Governor’s Office of Economic Development will discuss rural fast track grants at an upcoming BEAR meeting on April 2.