AUSTIN (KMAR/KCIT) — Today, Texas Comptroller Glenn Hegar announced that state sales tax revenue totaled $4.11 billion in January, 6.6% more than in January 2022.

According to a release from the Comptrollers’ office, sales made in December make up the majority of January sales tax revenue after being remitted to the agency.

“While state sales tax collections reached another all-time high, it is important to note that the rate of growth from the previous year was the lowest in the 22 months since the end of pandemic restrictions,” Hegar said. “This reflects slowing in the rate of inflation and slowing growth in real economic activity as well. Unfortunately, inflation continues to erode the purchasing power of Texas consumers as the consumer price index rate for December was 6.5 percent.

Officials said the total sales tax revenue for the last three months of 2022 including January 2023 was up 9.4% compared with the same period a year ago.

According to the release, sales tax is the largest source of state funding for the state budget, accounting for 56% of all tax collections.

“Gains in tax receipts from sectors driven by business spending continued to lead the growth, with the largest gains coming from the mining sector compared with a year ago. Receipts from the manufacturing, construction and wholesale trade sectors continued to grow robustly year over year, but at lower rates than in recent months as inflation subsides for items such as construction materials.”

More information can be found on the Texas Comptroller’s website.