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AUSTIN — Texas Comptroller Glenn Hegar announced state sales tax revenue totaled $3.93 billion in December, 10.5 percent more than in December 2021. The majority of December sales tax revenue is based on sales made in November and remitted to the agency in December.
“Business spending continued to be the principal driver of growth in sales tax revenue, with rapid growth in receipts from non-retail sectors,” Hegar said. “The mining, construction, wholesale trade, and rental and leasing sectors had double-digit gains compared with a year ago, and receipts from the manufacturing sector remain robust as well.”
“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,” the comptroller added. “Growth in overall receipts from the retail trade sector was more muted, at about the rate of inflation in consumer goods prices.”
Hegar adds, “The fastest growth among retail segments was in receipts from food and beverage stores, followed by online general merchandisers as late November holiday sales began. But receipts from storebased general merchandisers and furniture and home furnishings stores were little changed from a year ago, while receipts from electronics and appliance stores, and sporting goods and hobby stores, declined from last year.”
Total sales tax revenue for the three months ending in December 2022 was up 11.2 percent compared with the same period a year ago, while the rate of consumer price inflation was up 7.7 percent over the same period. Sales tax is the largest source of state funding for the state budget, accounting for 56 percent of all tax collections.
