HEGAR: State Sales & Tax Revenues Show Strong Economic Growth in November


"November sales tax collections were once again led by growth in non-retail sectors, with mining sector receipts showing the largest percentage increase from a year ago.”

Texas Insider Report: AUSTIN, Texas Texas Comptroller Glenn Hegar today said state sales tax revenue totaled $3.96 billion in November, the highest monthly collection on record and 11.2 percent more than in November 2021. The majority of November sales tax revenue is based on sales made in October and remitted to the agency in November.


"With persistently elevated inflation continuing to drive prices — and consequently revenues —  higher, November sales tax collections were once again led by growth in non-retail sectors, with mining sector receipts showing the largest percentage increase from a year ago,” Hegar said.

“Strong growth in receipts from the construction, manufacturing, wholesale trade and rental and leasing sectors continued in November as well, with each again achieving double digit-percentage gains compared with last year.

“Growth in receipts from the services sector also reached double digits, while those from restaurants grew at about the rate of inflation for food away from home. 

“Collections from the retail trade sector grew in November, at about the rate of inflation in consumer goods prices. The fastest growth in collections among retail trade segments continued to be from electronic shopping and automobile and parts dealers, while receipts from electronics and appliance stores and furniture and home furnishing stores declined from a year ago, said Hegar.

Total sales tax revenue for the three months ending in November 2022 was up 13.3 percent compared with the same period a year ago. Sales tax is the largest source of state funding for the state budget, accounting for 56 percent of all tax collections.

Texas collected the following revenue from other major taxes:
 
  • motor vehicle sales and rental taxes — $525 million, up 1 percent from November 2021;
  • motor fuel taxes — $331 million, down 1 percent from November 2021;
  • oil production tax — $570 million, up 19 percent from November 2021;
  • natural gas production tax — $410 million, up 41 percent from November 2021;
  • hotel occupancy tax — $73 million, up 24 percent from November 2021; and
  • alcoholic beverage taxes — $151 million, up 8 percent from November 2021.
For details on all monthly collections, visit the Comptroller’s Monthly State Revenue.

Watch
. For an extensive history of tax policy developments and fees since 1972, visit our updated Sources of Revenue publication.


















 
Comptroller Glenn Hegar by N/A is licensed under N/A
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