DALLAS - Texas sales tax revenues rose 7.5% in August to a record $2.57 billion, state Comptroller Susan Combs reported Sept. 10.
For the fiscal year that ended Aug. 31, the sales tax revenues were $27.27 billion, a 5.5% increase over the 2013 fiscal year, Combs said.
"The latest monthly gains were led by remittances from the oil and natural gas, wholesale trade, and retail trade sectors," Combs said. "Growth in both business and consumer spending fostered the gains for the year."
Combs' December projections for the 2014 fiscal year under-shot the final tally by $515 million.
On a percentage basis, the August gains were the second highest of the fiscal year behind growth of 8.3% in January.
After collecting the revenues, the comptroller's office distributes the shares earned by political subdivisions within the state. Combs will send cities, counties, transit systems and special purpose taxing districts allocations totaling $627.8 million, up 9.2% compared to September 2013.
According to the Wells Fargo Economic Group, Texas unemployment remained unchanged at 5.1% in July, even with the addition of 46,000 jobs.
Construction payrolls added 4,000 jobs, according to Wells Fargo.
"At 3.8% year-over-year, growth is just barely above the national average, possibly reflecting worker shortages," analysts observed.
