(AUSTIN) — Texas Comptroller Glenn Hegar released totals for fiscal 2023 state revenues, in addition to announcing monthly state revenues for August.
Hegar said state sales tax revenue totaled $3.98 billion in August, 5.7 percent more than in August 2022.
The majority of August sales tax revenue is based on sales made in July and remitted to the agency in August.
He said, “August receipts from the oil and gas mining sector finished the fiscal year as they did every month this year by leading gains in collections among all major sectors. Growth in receipts from the other sectors driven primarily by business spending were more muted, as has been the case in recent months. Remittances from the construction and manufacturing sectors were up slightly compared with last August, while receipts from the wholesale trade sector were negative for the fourth time in five months.
“Remittances from the retail trade sector overall were up from a year ago, but results within the sector were mixed. Online shopping receipts were up by double digits compared with last August, but receipts from building materials stores, electronics and appliance stores, and furniture and home goods stores continued to show weakness as the boom seen during the pandemic in these sectors continues to fade.
“Restaurant receipts were slightly above the inflation rate for food away from home in July.”
Total sales tax revenue for the three months ending in August 2023 was up 5 percent compared with the same period a year ago. Sales tax is the largest source of state funding for the state budget, accounting for 57 percent of all tax collections.
