FORT WORTH (WBAP/KLIF) – With a lowering number of COVID-19 cases in North Texas, the local economy is slowly starting to show trends of recovery, but a long road is still ahead.
Fort Worth Mayor Betsy price told a panel of her peers during this month’s ‘Texas Tribune Festival’ that evidence is seen in recent sales tax revenue. According to Price, current said local sales tax revenues for 2020 in Fort Worth are down about $20 million, but that figure is improving because retail spending has increased.
“It’s come back up dramatically,” said Mayor Price. “And in interesting areas. So we’re estimating at this time general funds only being down about $10 million in 2020.”
Price said that property tax revenue could take the longest to bounce back.
” This will be ongoing as we deal with vacancies from our large vacancies who are leaving people at home or are shrinking their workforce,” Price said.
Price, and other Texas Mayors believe a full economic recovery from the coronavirus pandemic could take three to four years.
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