The first half of the year sales and use tax collections are in the coffers and Jonesboro appears to be rampaging towards another record setting year.
Northeast Arkansas’ largest city collected $2.13 million during June, a 7.6% ($149,00) increase from the same month in 2021, according to city records. The total was up 11.8% ($224,196) when compared to the monthly projected budget.
For the year, Jonesboro has collected $12.454 million in city sales and use taxes, a 12.8% ($1.412 million) gain when compared to the first six months of 2021. The total is 8.7% ($991,673) above the projected budget.
It’s the fourth month this year when city sales tax collections have topped $2 million. Jonesboro only had two such months during the first half of 2021, and none previous to that. It’s the third highest monthly total collected by the city this year and it also is the third highest monthly total ever collected by the city.
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 period typically cuts off during the last week of the month depending on how the calendar days fall.
Craighead County’s sales tax growth slowed in June, but remains the best six month stretch ever in the county.
It collected $2.227 million during June, a less than 1% ($20,00) increase from the same month in 2021. For the year, the county has collected $13.895 million in sales and use tax, a 15.1% upswing when compared to last year.