After a stagnant month in January, The Woodlands experienced a boom in sales tax revenue in February allocations—a 12.5 percent increase from February 2012.
The Woodlands' sales tax revenue increased from $4.6 million to $5.2 million year-over-year in February, according to the state comptroller's website. The nearly $600,000 increase comes after the township's sales tax revenue rose less than a percent in January allocations compared to January 2012 numbers.
Sales tax allocations from February come from sales made during the previous December while January allocations are based on November sales.
Nick Wolda, president of The Woodlands Convention and Visitors Bureau, said January sales tax revenue came in over budget despite the lack of significant growth. Wolda said it is difficult to judge sales tax revenue monthly, but the combined January and February figures provide a better picture of economic growth in the community.
"It's pretty tough to look at sales tax on a month to month perspective," Wolda said. "If a major retailer delays remitting tax for one month and files in another month, it makes the monthly comparison look better or worse than it normally would be. We tend to want to look at sales tax on a yearly basis to even out the timing differences that can pop up from time to time."
For the year, allocations in The Woodlands have risen nearly 8 percent, from $7.3 million for the first two months of 2012 to $7.9 million for January and February of 2013.
"We still believe it is a very strong retail market in The Woodlands, with new investment in major construction projects, retail, dining, and entertainment," Wolda said.
Sales tax revenue for other south Montgomery County entities is also on the rise. Allocations rose 8 percent, about $53,000, in February year-over-year in Shenandoah while they rose 3 percent in Oak Ridge North, about $7,000.
Through two months of 2013, allocations have risen 6.6 percent in Shenandoah and 3.8 percent in Oak Ridge North compared to 2012.