State posts 12.6 percent revenue growth in January

January revenue collections increased by 12.6 percent over the prior year – the 10th month in the last 11 in which state revenue collections exceeded the previous year’s amount, and the third month in a row in which year-over-year revenue growth was greater than 9 percent.

“These economic indicators are showing a trend of progress and recovery. Unemployment numbers continue falling, and Virginia has added 55,400 jobs since February 2010, the fourth highest number of net new jobs in the nation. The increases in revenue growth and reductions in unemployment are signs that Virginia is beginning to emerge from the recession and that our fiscally responsible management is making a positive impact on our economic recovery,” Gov. Bob McDonnell said today.

The revenue increase was primarily driven by withholding (+5.4 percent), nonwitholding (+10 percent) and sales tax (+5.7 percent) collections. Adjusted for the accelerated sales tax program, total state revenues grew 5.4 percent through January, slightly ahead of the economic-base forecast of 5.2 percent growth. January is a significant month for revenue collections.

Edited by Chris Graham. Chris can be reached at freepress2@ntelos.net.

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