Sales tax report shows economy coming back

If sales tax is any economic indicator, the Midland economy is almost back to pre-pandemic levels.

The City of Midland reported $5,738,088 in sales taxes collected during the month of February. This represents an increase of 17.17% compared to February 2021. More importantly, this was the second largest collection for the month of February, arguably the largest collection of the year as it represents the expenses that occurred during the Christmas holidays in December.

In fact, the amount this month was about $33,000 less than February’s record high — $5,771,097 in February 2019.

The city also said it received $22.774 million in sales tax over five months of the fiscal year. This total represents an increase of 13.72% (or approximately $2.5 million) from the same point in fiscal 2021.

The city said this was the fourth consecutive increase in collection of more than 17%, following a 17.6% increase in November, a 20.19% increase in December and a 48% increase. 54% in January.

Sales tax revenue is generated from sales tax revenue for the two months prior to collection; The February collection is based on the December sales. The City’s fiscal year runs from October to the following September.

County sales tax collection rose more than 49% year-over-year in February to $5.19 million.

February’s Biggest Collections

2019: $5,771,097

2022: $5,738,088

2020: $5,118,461

2015: $4,928,117

2021: $4,897,260

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