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.