The Texas Comptroller of Public Accounts has issued the State of Texas Annual Cash Report for fiscal 2023, offering a cash-basis representation of the state’s financial condition. This comprehensive report covers all funds within the State Treasury, providing details such as the date of origin, administering agency, authorizing statute, revenues and expenditures at the object code and category levels, according to the report by the Texas Comptroller of Public Accounts.
The report by the Texas Comptroller revealed that in fiscal 2023, Texas experienced economic growth, adding 402,000 nonfarm jobs, a 3.0% increase, making it the state with the highest job creation. Consumer spending and sales tax collections played a significant role in the state’s economic vitality, with fiscal 2023 all-funds sales and use tax collections reaching $46.6 billion, an 8.4% increase from the previous fiscal year, according to the report by the Texas Comptroller of Public Accounts.
Additionally, the first half of fiscal 2023 saw substantial gains in consumer spending, contributing to large increases in year-over-year sales tax collections. However, collections slowed in the latter part of the year due to declining inflation and higher interest rates. Despite this, fiscal 2023 sales tax collections were up 8.4% compared to fiscal 2022, reflecting a resilient economy. The Consumer Confidence Index for the West South Central Region, including Texas, increased by 3.6%, indicating positive consumer optimism, according to the report by the Texas Comptroller of Public Accounts.
Texas demonstrated strong industry performance in fiscal 2023, with a 3.7% increase in employment in goods-producing industries and a 2.8% increase in service-providing industries. The manufacturing industry gained 31,200 jobs, a 3.3% increase driven by growth in durable goods employment. Despite the mining industry’s recovery, employment remained 12.9% below the December 2018 peak, according to the report by the Texas Comptroller of Public Accounts.
