Sales tax base continues to grow in Jonesboro in January; Craighead County slightly down

by George Jared ([email protected]) 152 views 

Economic indicators in Craighead County and its seat Jonesboro, have slowed in recent months, and sales tax receipts are no exception during the first month in 2018. Craighead County collected $1.661 million in sales and use tax during January, a $6,000 drop from the same month in 2017, according to the Craighead County Treasurer’s Office.

Jonesboro collected $1.499 million ins sales and use tax during the same month, a less than 1% ($11,000) uptick from the same period in 2017. When the receipts are compared to the city’s budget for the month, there is a 1% surplus ($15,917).

Craighead County and Jonesboro, set new records in sales tax collections in 2017. Craighead County collected $19.989 million in sales and use taxes, a 3.1% ($616,288) increase from 2016. Jonesboro collected $17.830 million in sales and use taxes, a 2.91% increase ($504,075) from the previous year.

The county and city also set collections records in 2016. During the last five years, Jonesboro’s collections have risen by 16%, and have steadily grown each year. Craighead County had an almost identical growth pattern.

In 2016, the city collected a record $17.326 million in sales tax receipts, a 4.43% increase from 2015. Since 2012, the city’s sales tax revenue has grown by 15.3%.

Craighead County collected $19.372 million in county sales tax last year, a 5.2% increase from 2015. The total is also a high mark in the county. Since 2010, the county’s sales tax receipts have grown from $15.599 million, a 24% spike.

Sales tax base growth may have slowed, but the city and county still have near historically low unemployment rates. Jonesboro had a rate of 2.7% in November, a one-tenth of a point jump from the previous month. From January 2017, through November, the rate dropped six-tenth of a point. Rates have not been seasonally adjusted.

The city’s civilian labor force grew by 4.6% through the first 11 months of 2017, ending at 37,673. The number of employed grew by 5.3% to 36,659 during the same period. The number of unemployed dropped 14.8% to 1,014.

Craighead County’s civilian labor force grew by 4.5% during the first 11 months in 2017. The number of unemployed workers dropped 17.8%, to 1,429 workers. The number of employed workers in the county rose 5.3%, to 52,147.