Snapshot of Santa Monica's Largest Employers and Top Industries
September 27, 2017
by Jennifer Taylor
Each year, Santa Monica businesses generate more than $130 million to the City’s General Fund through sales and use taxes, business licenses, and transit-occupancy taxes, which helps fund essential local services including police, fire, parks, and libraries.
Santa Monica has a vibrant and diverse business community that provides a wide range of goods, services, and jobs that contribute to the economic wellbeing of our community. Each year, our businesses generate more than $130 million to the City of Santa Monica’s General Fund through sales and use taxes, business license taxes, and transit occupancy taxes, which, in turn, helps fund essential local services, including police, fire, parks, and libraries. In addition, local businesses produce additional revenue to fund City services through property taxes, utility use taxes, parking facility taxes, permits, and license fees. Our local businesses are also a major funding source for our schools. Through Measure Y, a sales-and-use tax that the voters overwhelmingly supported, every purchase made at a Santa Monica business generates funding for the Santa Monica-Malibu Unified School District. Last year’s Measure Y proceeds were $8 million, just from the power of “buy-local” efforts! With the addition of Measure GSH (sales and use tax) passed by voters last year, every purchase made at our local businesses is expected to generate an additional $8 million each year for school repairs and improvements, and to fund the construction and preservation of affordable housing as well as investments in homelessness efforts.
The City of Santa Monica Economic Development team is committed to promoting a sustainable and vibrant economy in Santa Monica. We foster partnerships to support businesses and community goals. We oversee the leasing of City-owned commercial properties that provide opportunities for start-up businesses and entrepreneurs. Our staff delivers programs and services to support local businesses, assist the City’s four business improvement and property assessment districts, operate the four, weekly Santa Monica Farmers Markets as well as manage the Santa Monica Pier. All of these responsibilities help enhance the quality of life in Santa Monica.
To find out more, visit smgov.net/business and BuyLocalSM.com.