Texas continues to see sales tax revenues decline. The Austin American-Statesman notes that the drop is linked to struggles in the state’s energy sector. August revenues were down .4 percent compared to the same time a year ago. Over the past six months, the state’s sales tax revenue collection has generally been slowing down.
Texas Comptroller Glenn Hegar attributed the decline to “reduced receipts from oil and gas-related sectors.” The comptroller added that the drop was partly offset by higher sales tax collections in other sectors. Stronger areas include retail trade, restaurants and construction. This year’s struggling sales tax revenues have snapped a stretch of more than five years of consecutive monthly gains.
