Texas Comptroller Glenn Hegar said today that state sales tax revenue in January was $2.56 billion, up 11.2 percent compared to January 2014.
“The growth in sales tax revenues was led by business spending,â€ Hegar said. “Receipts from the manufacturing and wholesale trade sectors were up sharply. In spite of the recent decline in crude oil prices, tax receipts from the oil and natural gas mining sector also grew strongly.
“This allocation marks the 58th consecutive month of year-over-year growth and is indicative of a dynamic and diverse economy that continues to generate business investment and spending in Texas,â€ Hegar added. “My office will continue to carefully monitor the impact that lower oil prices will have on our stateâ€™s economy, but these sales tax allocation numbers are an encouraging sign of continued strength.â€
Hegar will send cities, counties, transit systems and special purpose taxing districts their February local sales tax allocations totaling $873.1 million, up 8.9 percent compared to February 2014.