There’s been a lot of talk about bed tax lately, primarily because it is a good barometer of where the tourism market is. May’s numbers were up just under 25%, and if you remember, at the beginning of the season, I predicted (conservatively) that we would see an average of around $2 million per month for the May to August reporting period. We’ll discuss where we are with that in a few.
June 2012’s bed tax collection was $2,737,780.66, or an astounding 19.9% increase over June 2011.
A close look at the numbers.
- June 2012 – $2,737,780.66 – single point: $373,055.95 – 19.88% up over previous year
- June 2011 – $2,283,706.72 – single point: $407,766.53 – 21.2% up over previous year
- June 2010 – $1,884,269.21 – single point: $389,286.91 – -3.2% down from previous year
- June 2009 – $1,946,434.54 – single point: $376,853.84 – -4.5% down from previous year
- June 2008 – $1,223,299.60 – single point: $456,741.34 – 9.3% up over previous year
- June 2007 – $1,119,167.86 – single point: $547,556.13
When considering the percentage of the bed tax, and doing a little reverse engineering, industry wide in Bay County, $54,755,613.20 was generated in room-night revenue. That’s a lot of money spread around for one month.
The numbers from the previous months this year
- May 2012 – $1,408,512 – up 24.95% over previous year
- April 2012 – $1,270,835.84 – up 4.45% over previous year
- March 2012 – $1,769,821.69 – up 19.38% over previous year
Predictions for July
While June was a little bit of a slow start for us at Panama City Beach Luxury Properties at 83% occupancy average across all our properties, July we had an average occupancy of 97% across the board. Of course, looking at our average revenue per unit for July wouldn’t be fair, compared to July 2011 since we have a much higher concentration of higher-revenue properties this summer over last, but the number is fun anyways: $4290.17 per unit, which is 25% up over last year ($3424.91 average per unit).
Looking at the average percentage increases for the previous months (17.17%), and throwing in a little personal intuition, I think July will see a 23% increase in 2012 over 2011.
As far as our predicted average increase per month across the entire reporting season of May to August, right now we’re averaging $2,073,146.33, or .7% better than what I had predicted. Not too shabby, if I don’t say so myself. 🙂