2021 was another interesting year for the Greater Madison Area Chamber of Commerce (GMACC). As we returned to hosting a majority of our in person annual events, we also continued to help our investors navigate through the “new normal”.
A great deal of our focus was making sure our community continued to shop local and purchase MadMoney (Madison’s Gift Card) cards whenever possible. In those areas, it was a record breaking year in 2021. All of the credit for that falls right on our community of Madison and the surrounding area.
As we look at Sales Tax Revenue, a key factor to how a community’s retail sector is performing, Madison once again had an excellent year. For the year ending 2021, the City of Madison received $3,970,051.66 in Sales Tax Revenue which is up 7.5% or nearly $300,000 when compared to 2020. Where Madison really sets itself apart from other communities in the state is that most communities in the state were down in 2020. Madison was one of the very few communities that saw an increase in 2020 as well. Also, when you compare 2021 to 2019 (a pre-COVID year), Madison has seen an increase of 8.37%.
As alluded to previously, MadMoney had a record year for the GMACC. Also for the year ending 2021, the GMACC sold $232,837.00 in MadMoney, which was an increase of 14% from 2020. Now it’s one thing to have sold that large dollar amount, but it’s another thing to have those cards used within our community. In 2021, we had $204,383.79 of MadMoney used at our local businesses, a 65% increase.
Thanks needs to be given to our entire community and surrounding area for supporting our retail businesses.
Madison’s retail sector continues to be strong and the GMACC will continue to work hard to bring people into town and focus on shopping local. There are other areas the GMACC will also be focusing on in 2022 (Jobs, Housing, Day Care to name a few), but those will also need complete community buy in to figure out a solution.
It will be a long process, but as Madison usually does, we will find those solutions.