Retail is Alive and Well in Castle Rock
The retail environment in Castle Rock, CO, and surrounding Douglas County is alive and well. Current reports show a marked improvement in the amount of retail taxes collected in 2021 versus the same time in 2020.
The most recent Douglas County Sales and Use Tax Collection Status report shows an increase in sales and use taxes of 20.8 percent in 2021 over 2020 collections. The report, issued in Sept. 2021, is the most recent from the county.
The 2021 Mid-Year Report issued by the Castle Rock Economic Development Council (EDC) shows a similar jump in tax revenue, up 21 percent in the town over the same period last year. The report, the most current available, was released in May 2021.
The 2021 tax growth comes on top of a year of positive tax growth in 2020. According to the Castle Rock EDC’s 2020 Report, the community experienced an annual sales tax growth of 7.5 percent through Nov. 2020. Growth for the entire state for the same time period came in at 2.3 percent. The EDC credits Castle Rock’s position as a regional retail hub for the sustained growth.
It would be surprising if year-end numbers don’t show the same increases given the economic growth Colorado and the nation have experienced over the year.
Brick and Mortar Retail Results
While electronic shopping and mail order houses make up about 22 percent of sales tax revenue in Douglas County, the remainder comes from more traditional brick and mortar retailers, including department stores, warehouse centers and super stores, home centers, furniture stores, sporting goods stores and new car dealers.
Restaurants, both full- and limited-service locations, make up about another 20 percent of the tax base.
A Strong Workforce
The recent Colorado Talent Pipeline Report from the Colorado Workforce Development Council shows a growing strength in the state’s economy.
According to the report:
- Colorado’s labor force demand recovered at a rapid pace starting in April 2020
- The state’s unemployment rate dropped significantly last year
- In May 2021 job openings surpassed the unemployment level
- Colorado’s labor force participation is stronger than national levels
These numbers bode well for local businesses as people return to the workforce.
About Miller’s Landing
Experienced retailers know that where you locate a store is one key to its success. At Miller’s Landing, we’re creating a highly desirable location for new retail stores and restaurants.
Miller’s Landing is a new multi-use development in Castle Rock, CO. Our strategic mid-town location, with easy access to I-25, downtown and nearby residential developments, makes Miller’s Landing the place to locate your store or restaurant.
When completed, Miller’s Landing will feature a pedestrian friendly town square with locations for retail, restaurants and entertainment venues. In addition, Miller’s Landing will include attractive multi-family housing and modern office spaces.
About Castle Rock, Colorado
Castle Rock is a popular and growing community situated in the south Denver metropolitan area on the I-25 corridor. The town retains its small-town charm and offers easy access to Colorado’s two largest cities, Denver to the north and Colorado Springs to the south.
Castle Rock is a popular home town with well-educated professions. It offers a ready-made talent pool for businesses who located to the town.
Be a Part of It!
Miller’s Landing is creating a vibrant, growing community of good work and good living. Join us and let’s create the future together!