Texas Comptroller Glenn Hegar said state sales tax revenue totaled $4.1 billion in December, 1 percent more than in December 2023. The majority of December sales tax revenue is based on sales made in November and remitted to the agency in December.
Hegar said, “Overall sales tax collections grew modestly compared with December 2023, and at less than the rate of general price inflation,” He said. “This suggests a lack of growth in real sales taxable activity, as continued high interest rates and depleted savings constrain spending, even as overall employment and income continue to grow.”
According to Hegar, “The largest increase among major sectors was in receipts from the construction sector. Among the other large sectors driven primarily by business spending, remittances from the manufacturing sector were essentially flat, while receipts from the mining and wholesale trade sectors came in significantly lower than a year ago”.
He said, “From the major sectors driven mostly by consumer spending, receipts from the services sector were moderately above collections from December 2023 while receipts from the retail trade sector grew only slightly.”
