WESLACO, Texas - The latest sales tax revenue numbers show the Rio Grande Valley’s economy is roaring, says Matt Ruszczak.
Ruszczak is vice president of economic development for the Council for South Texas Economic Progress (COSTEP). Each month he analyzes the sales tax revenue numbers put out by the Texas Comptroller’s Office.
Matt RusczakDiscussing the November 2021 report, which looks at the numbers for September 2021, Ruszczak said: “The numbers are once again, very, very good. The story every month is good numbers and good news. This is definitely another good news month for us.”
In September 2021, sales tax revenues for Texas as a whole were up 19.51 percent, as compared to September 2020. The Valley as a whole was up 16.72 percent, when measured against September 2020. Of the 44 cities in the Valley, sales tax revenues were up in 41. Thirty-eight out of 44 were up over five percent, over the same period, and 17 of the 44 were up more than 20 percent.
The percentage increase for Hidalgo County was 18.94 percent. For Cameron County it was 13.29 percent.
In a podcast with the Rio Grande Guardian, Ruszczak said 2020 may not be the best year to measure 2021 against because the coronavirus pandemic skewed the figures in 2020. He said comparing 2021 with 2019, “tells more of the real story.”
This comparison shows a 26.76 percent across Texas as a whole. “It’s a true testament to what a strong economy we have now,” Ruszczak said, pointing out that the percentage increase in sales tax revenues in Valley was up 35.06.
Looking at Hidalgo County, sales tax revenues were up 34.76 percent, when comparing September 2021 with the same month in 2019. In Cameron County the percentage increase was 36.90. “A very, very strong performance,” Ruszczak said. “We outperformed the state.”
Ruszczak noted that in September 2019, the Valley had the benefit of Mexican shoppers. In September 2021 it did not. “This makes our numbers even more remarkable,” he said.
Ruszczak said 42 of the Valley’s 44 cities showed an increase in sales tax revenues. Forty of the 44 were up over up five percent. And 34 of the 44 showed increased sales tax revenues up over 20 percent.
“It’s a true testament to what a roaring economy we have, not only in the state of Texas but particularly in the Rio Grande Valley,” Ruszczak said.
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