One economic indicator in Northeast Arkansas slowed during the month of March, but it still maintained a rigorous enough pace to set an all-time first quarter for sales and use tax collections.
The city of Jonesboro collected $1.769 million during the month, a 3.9% ($66,522) uptick from the same month in 2021, according to city records.
For the year, $6.233 million has been collected, a 13.7% ($749,936) increase from the first quarter of the last year. Collections percentages have been in double-digit territory all year, but the comparison to the city’s budget projections has been less.
Jonesboro is 5.5% ($325,581) above its projected budget. Jonesboro’s collections had surpassed double digit growth during January and February.
Sales tax numbers lag by 60 days meaning the numbers released were collected two months prior. Economists consider sales tax collections as a leading economic indicator, one that can show how a local economy can be expected to perform in the short-term.
The collections pace in 2021 was record-setting, a trend that has run uninterrupted for more than half a decade.
Craighead County mirrored the county seat as it collections pace declined, but remained in positive territory for the month of March.
The county collected $2 million in sales and use tax receipts, a 2.9% ($57,000) uptick from the same month last year. To date, the county has collected $7.087 million, a 14.1% increase when compared to the same three months last year.