Mount Vernon’s Economy Outpaces the Region
Double Digit Growth in Sales Tax Revenue in Q3 and Q4
February 2, 2021 — There’s some good news in the City of Mount Vernon. Based off a report from State Comptroller Thomas DiNapoli, Mount Vernon saw its economy rebound by 12% in the last two quarters of 2020, outpacing yearly sales tax projected revenues by 2% in the middle of a pandemic.
Mount Vernon stood out as the only city in the Hudson Valley region to post double digit sales tax growth in Q3 -12.3% and Q4–12.6% and even outpaced Westchester County Q3 11.2% & Q4 4.2%.
While statewide, yearly sales tax collections declined by 10%, Mount Vernon’s double digit growth, despite the early lockdown from March to May, showed that Money Earnin’ Mount Vernon is back. This is wonderful news, as the city continues to show its resilience in bouncing back from a financial crisis and the COVID-19 pandemic.
This growth was expected, as the City of Mount Vernon doubled down on economic and business development strategies through its COVID re-opening taskforce and Industrial Development Agency (IDA) initiatives. Our new partnerships with Bloomberg, Harvard, Just CityLab, SCORE, SBDA, WEDC, SoBRO and other institutions, provided technical and practical assistance to staff and businesses throughout the pandemic. Furthermore, campaigns launched by our local businesses and organizations, in partnership with the city, have boosted our economy and revenues, providing a surplus of approximately $450,000.
As a pending stimulus package looms on the horizon and vaccinations ramp up, the outlook for Mount Vernon appears better than it was in 2020. Our campaign of resilience, restoration and revitalization will continue to provide technical assistance and support to our local businesses as they expand their capacity to thrive and flourish in a changing market. We look forward to growing Mount Vernon responsibly and providing a relief to homeowners into 2021.
