(WBAP/KLIF — Although the Coronavirus pandemic has cost the state of Texas billions of dollars, new financial numbers have provided some positive news for the Lone Star State.
State coffers saw a nearly half billion dollar increase in sales tax revenue in July alone. Texas Comptroller Glenn Hegar says with a drop in leisure travel, many Texans invested in home improvement projects.
Amid millions of unemployment claims, the state collected $2.98 billion in sales tax revenue in July, a 4.3% increase over last year. Despite the increase, state officials still project a budget shortfall in the billions, which is expected to send the economy into a recession.
Although state department cuts have been made, Hegar says it’ll take months to gauge how long the recession may last.
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