March 20, 2023

Gross sales tax collections in Northeast Arkansas set data in 2022

Regardless of rate of interest hikes, slower wage development, and surging inflation, the town of Jonesboro did one thing in 2022 that it hasn’t executed in a number of years. Metropolis gross sales and use tax collections every month outpaced the identical months in 2021. The web was consequence was close to double digit gross sales tax development and an all-time report for collections.

Jonesboro collected $25.062 million throughout 2022, a 9.9% ($2.251 million) enhance from 2021, in accordance with data from Metropolis Corridor. When in comparison with projected gross sales tax revenues, collections had been up 7.4% ($1.723 million.). Town’s earlier report was smashed in 2021 when it collected 13.8% greater than in 2020.

Collections did barely gradual throughout the month of December. Town collected $1.96 million throughout the month, a 2.2% ($43,000) enhance from the earlier December. It was the smallest margin of development for any month final 12 months.

April was one among two months that the town didn’t prime $2 million, but it surely had the excessive water mark when in comparison with proportion development. That month, the town collected $1.88 million, a 28% ($420,336) enhance from the identical month the earlier 12 months.

Gross sales tax numbers lag by 60 days that means the numbers launched had been collected two months prior. Economists contemplate gross sales tax collections as a number one financial indicator, one that may present how an area financial system may be anticipated to carry out within the short-term.

Northeast Arkansas’ hub metropolis has a diversified workforce that has helped it to face up to nationwide financial downturns in current many years, in accordance with officers. That numerous mixture of jobs embody healthcare, manufacturing, authorities, retail, agriculture and others. Town is also a hub for these in surrounding counties searching for healthcare, and Arkansas State College is the area’s largest college and employer.

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Craighead County mirrored its flagship metropolis’s development, but it surely was barely slower throughout the 12 months. The county collected $28.275 million for the 12 months, an 8.4% ($2.189 million) enhance from the earlier 12 months. In December, the county collected $2.23 million, nearly precisely what was collected throughout December 2021.