City of Lexington Holds Its Own in Economic Downturn
The latest Sales Tax allocations returned to Texas Cities by State Comptroller Susan Combs this week show Lexington holding its own in this economic downturn. Lexington was the only city in the area that showed continued positive growth in sales year-todate, (for this calendar year compared to the same nine-month period of 2008). However, Comptroller Combs' report did show a downturn for Lexington of almost 11% for the month of September 2009 , compared to September 2008.
Other cities in our area, including Giddings, Rockdale, Elgin and Caldwell, showed sales tax collections decreasing for the same year-to-date time frame. Giddings was down 7.21%; Rockdale was down 1.21%; Elgin was down 4.73% and Caldwell was down 3.69%.
The state and local sales tax figures represent sales that occurred in August.
Unemployment in the area affirms the stronger economic position Texas and our area has in the nation.
The Texas seasonally adjusted unemployment rate rose slightly to 8.0 percent in August, up from 7.9 percent a month ago, and continued to trend well below the U.S. seasonally adjusted unemployment rate for August at 9.7 percent. Lee County unemployment of 7.3% continues to be much lower than the national average and almost one point lower than the state average.
Milam County's unemployment is 10.2% with Burleson County being at 7.5% and Williamson County being 7.7%.