Ruszczak: RGV's March 2021 sales tax revenue numbers are 'absolutely bonkers'

McALLEN, Texas - The Rio Grande Valley economy, as measured by sales tax revenues, went “absolutely” bonkers” in March, says Matt Ruszczak, executive director of Rio South Texas Economic Council.While the figures for the state of Texas as a whole were impressive, up 30.09 percent on the same month in 2020, the increase in the Valley was huge - 42.19  percent.“It is absolute bonkers,” Ruszczak said, in his monthly analysis of data produced by the Texas Comptroller’s Office.Ruszczak said it was important to set the stage, when comparing March 2021 with March 2020.“March 2020 was obviously a challenging time. The pandemic was spreading into the United States and making its way towards Texas. March 2020 was also the month when the bridges closed - March 21st - to non-essential traffic back and forth from Mexico,” Ruszczak said.“The stock market was taking a nose dive in the month of March, last year, which added to the concern and uncertainty. And we were very rapidly approaching a shelter-in-place order which actually came into effect in April of last year.”Looking at the economy in March, 2021, Ruszczak said the contrast “could not be starker.” He said March of this year was marked by a general sense of optimism.“We had a significant ramp up in the vaccinations. We were starting to break records in terms of the vaccination numbers. Were also started to see some positive numbers coming out in terms of infection rates and the general strain on hospitals,” Ruszczak said.“The state reopened in March of 2021. The governor took a very bold step moving forward, re-opening the state, which obviously allowed businesses to start functioning at full speed, 100 percent capacity. And while the bridges were still closed and they are still today, the stimulus money, the big stimulus checks, the $1,400 stimulus check, started coming into people’s bank accounts and mailboxes towards the latter part of March.”Go to www.riograndeguardian.com to read the latest border news stories and watch the latest news videos.