Texas Comptroller Glenn Hegar has announced this week that salex tax revenue totaled $3.69 billion in May, 8.6 percent more than in May 2021. Annual revenue growth of 8.6 percent suggests modest growth in underlying taxable economic activity, Hegar said.
“Strong, double-digit growth was seen once again in sectors driven primarily by business spending, with receipts from the oil and gas mining sector continuing to exhibit particularly robust growth compared to a year ago,” Hegar said. “Receipts from the construction and wholesale trade sectors also continue to show strong growth.
The majority of May sales tax revenue is based on sales made in April and remitted to the agency in May.
“Receipts from the services sector posted another substantial gain compared to the same month last year. Spending at sporting events and concerts was especially strong last month as consumers continue to spend more on live entertainment after being restricted during the pandemic. Receipts from restaurants also increased compared to May 2021.
Total sales tax revenue for the three months ending in May 2022 was up 15.7 percent compared to the same period a year ago. Sales tax is the largest source of state funding for the state budget, accounting for 59 percent of all tax collections.
