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Wood County Revenue Report released

From the Wood County Industrial Commission

(Wood County, TX) –The Wood County monthly state sales tax revenue report, released July 10, reflects Wood County retail sales at $413,096 for the May 2013 reporting period, up 5.16% over the same period last year, and $2.79M year-to-date, up a nominal 1.22% compared to the same period last year. Overall, Wood County May’s sales tax receipts for the six cities were $292,388, up 3.31% (better than last month) compared to the same period last year, and at $1.93M for year-to-date, up 4.14%% over the same period in 2012.

Retail sales were expectedly strong in Yantis for the period, at 28.6% up over the same quarter last year, and 18.8% up year to date compared year to year.  Winnsboro, Hawkins  and Alba also saw good retail sales growth gains for the recent reporting period for sales in May.  The WCIC has increased inquiries for manufacturing expansion opportunities within the county, and recently wrapped up working on the fiscal budget for 2014.

Texas Comptroller Susan Combs said on Wednesday, July 10, that state sales tax revenue in June was $2.17 billion, up 9.1 percent compared to June 2012.  “Growth in sales tax receipts was led by business sectors such as manufacturing and construction,” Combs said. “Remittances from the oil and natural gas industry remain strong, while sales tax revenue was also notable for restaurants – a consumer sector.”

Job growth, sales tax collections and building permits all signal that the Texas economy continues to outpace the national economy. Texas total nonfarm employment increased by 33,100 jobs during April 2013. Between April 2012 and April 2013, Texas total nonfarm employment increased by 3.0 percent. Over the past year, Texas added jobs in all of the 11 major industries, including professional and business services, trade, transportation and utilities, leisure and hospitality, construction, education and health services, government, mining and logging, financial activities, other services, manufacturing, and information.

Between May 2012 and May 2013, Texas total nonfarm employment increased by 3.0 percent. The Texas unemployment rate was 6.5 percent for May 2013.  Wood County unemployment rate for May 2013 was 6.9%, down from 7.1% the prior year.

In the 12 months ending in May 2013, a total of 81,526 residential building (housing) permits were issued, 21 percent more than in the previous year.  During the 12 months ending in May 2013, a total of 55,875 permits were issued, 33 percent more than in the previous year. •In May 2013, there were 28,750 sales of existing single-family homes, an increase of 17.7 percent over the previous month, and 22.9 percent more than in May 2012.

The U.S. consumer confidence index was 81.4 in June 2013, up 9.6 percent from May 2013, and 29.9 percent higher than one year ago. The Texas region’s consumer confidence index was 94.0 in June 2013, down 0.8 percent from May 2013, and 4.2 percent higher than one year ago.

Oil and natural gas production tax collections for the first ten months of fiscal 2013 were 16.3 percent higher than during the same period in 2012.  The WCIC notes marked increases in county and regional O&G activities this year.

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