State revenues continue to exceed forecasts

Jan 23, 2019
Written by wpengine

Retail sales taxes are up 4.9 percent compared to last year

State tax revenues were up 3.7 percent compared to a November forecast, the Economic Revenue Forecast Council reported last week.

Total payments from the retail sector were up 4.9 percent for December 11 to January 10 review period compared to the same time last year, the council reported. Sectors showing the most growth were:

  • Online retailers, up 14.5 percent
  • Apparel and accessories stores, up 8 percent
  • Furniture and home furnishings, up 7. 6 percent
  • Gasoline stations and convenience stores, up 7.3 percent

The report also noted that personal income across the state is growing rapidly while December’s 4.3 percent unemployment rate was the third consecutive month at an all-time low rate.

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