Texas Biennial Economic Development Corporation Report

I am pleased to present this biennial report on the activities of economic development corporations in Texas, as required by the Development Corporation Act of 1979, as amended.

Each year, development corporations are required to submit a one-page Economic Development Corporation Report to the Comptroller. My office then compiles the two years of information into a biennial report that is presented to the Legislature on or before Nov. 1 of each even-numbered year.

City sales tax revenue dedicated to economic development was $617.7 million in fiscal 2012 and increased to $659.9 million in fiscal 2013. This sales tax continues to be the primary local revenue source for economic development in the state.

The Comptroller’s Economic Development and Analysis Division appreciates the cooperation of the staff and governing boards of the economic development corporations, as well as the city officials who were instrumental in gathering and reporting the required information. We commend them for their dedication to the important task of creating and maintaining a strong climate for economic development in their communities and for our state.

November 2014