Sales Tax Report: Waco Vacation Spending Surpassed Pre-Pandemic Levels 15% | Local government and politics
Neither inflation nor a lingering pandemic has kept people from spending, especially during the December 2021 holiday season, sales tax figures suggest.
This is especially true in Waco, where the city this month received a sales tax refund on December sales nearly $800,000 more than a year earlier, continuing fiscal year trends. and civil.
The February refund totaling nearly $5.4 million mirrors December sales and was reported to the Texas Comptroller’s office in January. Not only does this beat the $4.6 million rebate in February of last year, but it’s almost 15% more than the $4.7 million rebate in February 2020, before the start of the pandemic.
Five years ago, in 2017, the February discount totaled $4.09 million.
“The economic activity there is extraordinary, including this spending function. It’s growing, vibrant, at an all-time high, and not just recovering from COVID-19, which happened a while ago, but much more than that,” said Amarillo economist Karr Ingham. , which prepares the Greater Waco Monthly Economic Index.
Inflation and rising energy costs are driving up the prices of goods and services, Ingham said, and consumers seeing markups on clothing, lawn equipment, toys and meals at restaurant, among others, naturally pay more in sales tax. In Waco, sales tax is 8.25 cents on every dollar.