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 The Woodlands Township sales tax revenue rose less than a percent in January allocations compared to January 2012 figures.
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 revenue growth. Wolda said judging sales tax revenue on a monthly basis is difficult, 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."
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 in February in Shenandoah while in Oak Ridge North, they rose 3 percent or about $7,000. For the year, allocations have risen 6.6 percent in Shenandoah and 3.8 percent in Oak Ridge North.