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Property Tax Funding Blog

Tax Collections and Job Growth - Signal a Strong Texas Economy

Posted by Matt Longhofer on Sat, Jun 11, 2011 @ 07:06 AM

According to the Texas Comptroller’s economic outlook, Texas has emerged from the recent recession.  Leading indicators such as job growth and sales tax collections, both from business and consumer purchases, as well as automobile sales affirm the Texas economy is growing.

Since June 2009, Texas added 265,300 net jobs, out of the 722,200 nationwide, and by far outpaced every other state. New York was second with 98,200.  Another indicator that the state’s economy has been comparatively healthy was the U.S. Bureau of the Census report that Texas added more people, nearly 4.3 million, than any other state between the census counts of 2000 and 2010.

Texas and the nation returned to economic growth in 2010, with the nation increasing its GDP by 2.8 percent and Texas increasing its GSP by 3.4 percent.

Jobs property tax collections

  • Texas’ April 2011 unemployment rate was 8.0 percent, down from 8.1 percent in March.
  • Texas total nonfarm employment increased by 32,900 jobs from March to April. Between April 2010 and April 2011, Texas gained 254,400 jobs.
  • The U.S. gained 54,000 total nonfarm jobs in May 2011.
  • The U.S. unemployment rate was 9.1 percent in May 2011, up from 9.0 percent in April.
  • The Texas unemployment rate has been at or below the national rate for 51 consecutive months

Housing

  • Thus far, Texas has weathered the national real estate crunch without significant damage to property values. Sales and construction activity dropped to pre-2007 levels but began to shows signs of recovery in 2010.
  • A total of 5,637 building permits for single-family homes were issued in April 2011, 920 fewer than a year ago. In the 12 months ending in April 2011, 58,524 permits were issued, 17 percent fewer than one year ago.
  • There were 2,421 multi-family building permits issued in April 2011, compared to 1,659 permits issued in April 2010. During the 12 months ending in April 2011, 21,901 permits were issued, 66 percent more than one year ago.
  • In April 2011, sales of existing single-family homes increased by 4.6 percent from the previous month, to a total of 18,027. April 2011 home sales were 18.1 percent lower than in April 2010.
  • In Texas, the median price for existing single-family homes decreased by 0.7 percent from April 2010 to April 2011.
  • In April 2011, the Texas foreclosure rate was one in every 1,106 mortgages.
  • This was substantially better than Nevada’s one in 97, Arizona’s one in 205, California’s one in 240, and Utah’s one in 322.

Tax Collections

  • Texas sales tax receipts for May 2011 were 9.9 percent higher than for May 2010.
  • For fiscal 2010, state sales tax receipts were down 6.6 percent from fiscal 2009.
  • Motor vehicle sales tax collections for May 2011 were 8.5 percent higher than for May 2010.

Topics: texas taxes

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