Posted in home remodeling

Texans spent less going out to eat and drink, but more on home improvement as coronavirus cases peaked this summer

Texas collected about $2.8 billion in state sales tax revenue in August – 5.6% less than in the same month last year, Texas Comptroller Glenn Hegar said Tuesday.

That revenue was based mainly on purchases made in July, when the numbers of coronavirus cases were peaking. That rising rate, the comptroller said, likely put a damper on economic activity.

State sales tax collections from major sectors – except retail trade – declined compared with the same period in 2019, Hegar said. The comptroller said the largest declines happened in sectors related to oil and gas, which includes manufacturing. A Hegar spokesperson also pointed to declines in sectors such as transportation and bars and restaurants.

In retail trade, distance learning prompted higher remittances to the agency from sporting goods, electronics and home furnishing retailers. Consumer spending also increased on home improvements and home entertainment. Such spending, Hegar said, was supported by

Read More
Continue Reading Texans spent less going out to eat and drink, but more on home improvement as coronavirus cases peaked this summer