Texas Comptroller Glenn Hegar said state sales tax revenue totaled $3.99 billion in July, 2.7 percent more than in July 2022. The majority of July sales tax revenue is based on sales made in June and remitted to the agency in July.
Hegar said, “The rate of sales tax revenue moderated last month, consistent with a slowing pace of economic growth and declining price inflation.” He said, “Growth in receipts from sectors driven by business spending, which have seen the largest increases in year-over-year remittances this year, slowed markedly, with receipts from the manufacturing and wholesale trade sectors falling below last year’s levels. Receipts from oil and gas mining grew at the slowest pace since May 2021, when the sector began its sharp recovery from the pandemic.
