Sales tax allocations up in March
Figures released from the Texas Comptroller’s office show March sale tax revenue is up across the Crossroads and Permian Basin, a cautious sign the area’s economy is starting to recover after a lengthy slowdown in the oil and gas industry.
Big Spring shows a slight increase - 2.54 percent - in sales tax revenue from this time last year while Coahoma and Forsan saw larger increases - 36.99 percent and 35.24 percent respectively.
“I think this is a result of increased activity in the oil and gas industry,” said Terry Wegman, executive director for the Big Spring Economic Development Corporation. “We are seeing a lot more interest in projects in the area. We are receiving a lot more inquiries, so I think that’s what attributing to the increase of sales tax revenue.”
However, Wegman is cautious about how strongly the economic recovery will pan out in the coming year.
“I think it will be a moderate recovery,” he said. “Even though some of these numbers are pretty big, you have to compare them to this same month last year to see what was happening that month.”