Midland enjoys historic sales tax collection

MIDLAND, Texas (KMID/KPEJ) – The city of Midland says that this fiscal year, sales tax collection is on track to beat the budget by more than 2.1 million dollars. The city also says that they've already collected almost 62 million in sales tax dollars this fiscal year.

There is a month to go in the fiscal year, but the city confirms that Midland will end the year with the second largest sales tax collection in city history.

And while there has been some fluctuation compared to last year with the basin's oil and gas industry, city officials say, "Retail, Hotel, Food Service and Construction saw increases in sales tax contributions."

And the head of the Midland Chamber of Commerce thinks he knows what's behind this financial boom in the tall city.

"We have stability in the oil and gas market right now. That really provides an opportunity for small and mid-size businesses to establish roots or grow and expand their services, because it provides that stable ground to do so," said Midland Chamber of Commerce President Evan Thomas.

Thomas also says that the tall city economy is soaring because it benefits from a young population with a median age of 31 who are blessed with disposable time and income.