Good News for the state, Tyler, the oil "patch" is back (Beaumont: for sale)

[Mark Senior]

https://comptroller.texas.gov/transp...ons/sales-tax/

Just released this morning. State average for sales tax revenue increase is 8.41 percent. Tyler 5.22 Longview with the oil price improvement, up 10.73 , but hey, look at Kilgore up 84.29 , and of course Midland 20.73, Odessa 43.50

Tyler city leaders are taking another deep breath today. Tyler is in desperate need for the sales tax revenue to just not decline, but to increase at least this percentage for the foreseeable future. Cut backs and freezes on pay and closed job openings may slowly open, capital improvements put off over the last 3 - 5 years may come back "on line" to be completed.

Only time will tell, if the increasing on-line sales, or buying by the younger generation on-line will not put a permanent "dent" in sales tax revenue for the city, again, many items sold on line do not have sales taxes included. For the city of Tyler which depends far more on sales tax revenue to operate the city than most cities, most cities depend more on property taxes, I hope national, state, local powers fix this "unequalness" problem, at least for Tyler's benefit, yeah, I know it's nice to occasionally not pay sales taxes. lol

[Rynldsbr]

We all like to save money but need to remember the revenue is necessary for basic services and infrastructure. Good to see some inflow. Do you have insight into what is driving those numbers in Kilgore? Is there a new business or revenue source there?

[Mark Senior]

Simply oil, I watched their number tumble with oil prices, then rebound recently WITH the price of oil.

New figure out today, the most recent monthly sales tax revenue numbers by city.

https://comptroller.texas.gov/transp...ons/sales-tax/

Look closely and you can see the average month this year over same month last year is up about 5%

Also you can see the cumulative average for the state year to date of last year to date numbers, note how much "oil" cities of Midland, Odessa,Beaumont, others are "way" up.

[Rynldsbr]

Interesting. I am learning more about the area as we prepare to move there. Currently looking at a few homes in various locations and interested in what drives the local economies, cultures, and communities.

Looks like Tyler has the most diversified economy in the region and probably a little more insulated from single factors like oil. Unfortunately that also translates to less immediate positive financial impact as oil comes back on line.