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Wood County revenue shows increase |
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Written by Clayton Neville
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Wednesday, 08 August 2012 21:56 |
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Released by WCIC
(Wood County, TX) – Wood County Industrial Commission Executive Director Chana Gail Willis announced today (8August2012) that the Wood County monthly state sales tax revenue reported for July 2012 was $469,407.32, up about 6.9% over the same period last year, July 2011. For payments year-to-date in all of Wood County, allocations were $3.26 million, up 10.75% compared to June 2011.
Solid gains for the quarter included Alba, Mineola and Quitman from June’s retail sales activities; sales tax allocation declines were seen in Hawkins and Yantis, with Winnsboro experiencing nominal growth. Wood County’s portion of the sales tax allocation saw good growth in receipts at 7% for this quarter compared to the same period last year, and 10.75% growth rate $3.26 million for year-to-date. These figures demonstrate a stronger period of sales and growth in Wood County compared to the state numbers of 4.2% growth for this quarter compared to the same period last year, and 9% growth for year to date for the state.
Willis stated, “The sales tax allocation numbers released are trailing indicators, meaning the data reflects activity from where we were about six weeks ago; these figures are based on actual retails sales for June, reported by filers by July 20 and released today. These figures represent retails sales activity during the first month of summer when school was out and the tourism industry experienced great results in most of our cities and the lakes areas.”
Willis continued, “Other economic indicators released this week show good growth but the typical softening we sometimes experience coming into the mid-hot summer months. The summer business retail season is still going strong for east Texas, and it continues to be equally encouraging for the business inquiries and expansion we are seeing in Wood County year to date. Wood County has also seen over 100 sales tax permitting filed with the State since the beginning of the year.”
“Unemployment, statewide, continues decreasing and non-farm employment is remains up. Retail establishments and sales tax collections remain at a good growth trend. The Texas and U.S. Consumer Confidence Index remains positive. In the housing industry, single family building permits are up, along with existing home sales as mortgage foreclosures decline. Gas prices, in fact, continue typical seasonal swings with a rise in the summer months, but overall are down 6.5% over last year.” Wills concluded, “Wood County indicators are showing better marks than the state average, and the climate continues to remain positive for economic stability and measured planned growth.”
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