March 21, 2023

Jonesboro gross sales tax collections up 10.6% in October; nearing all-time annual document

The town of Jonesboro has grown accustomed to setting all-time gross sales and use tax collections information every year. In 2022, that document tempo is now on an accelerated monitor.

Northeast Arkansas’s largest metropolis collected $2.166 million in gross sales and use tax in October, a ten.6% ($206,000) improve from the identical month in 2021, based on town. For the 12 months, town has collected $20.978 million, a ten.8% ($2.046 million) improve from the identical 10-month interval final 12 months.

The town is 8,1% ($1.5 million) forward of its projected finances. Eight out of the ten months this 12 months, Jonesboro has collected $2 million or extra. It solely had three such months in all of 2021, and none earlier to that 12 months.

The all-time document was set in 2021 with $22.8 million. Meaning town might set a brand new document with one complete month to spare.

Gross sales tax numbers lag by 60 days which 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 a neighborhood economic system will be anticipated to carry out within the short-term.

The collections interval usually cuts off over the last week of the month relying on how the calendar days fall.

Craighead County’s gross sales tax progress continued in the course of the month.

It collected $2.44 million, a couple of 6.1% ($150,000) improve from the identical month in 2021. For the 12 months, the county has collected $23.594 million in gross sales and use tax, an 18% upswing when in comparison with final 12 months.

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