Jonesboro’s double-digit city sales and use tax gains each month in 2022 finally slowed in May, but the city’s overall blistering pace is still on a record-setting track.
Northeast Arkansas’ largest city collected $2.2 million during the month, a 4.4% ($92,000) increase from the same month in 2021, according to city records. The total was up 11.1% ($219,893) when compared to the monthly projected budget.
For the year, Jonesboro has collected $10.322 million in city sales and use taxes, a 13.9% ($1.26 million) gain when compared to the first five months of 2021. The total is 8% (767,000) above the projected budget.
It’s the third month this year when city sales tax collections have topped $2 million. Jonesboro only had one such month in 2021, and none previous to that. It’s the second highest 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 as well, but remains the best five month stretch ever in the county. It collected $2.5 million during May, a 4.6% ($105,000) increase from the same month in 2021. For the year, the county has collected $11.6 million in sales and use tax, a 15% upswing when compared to last year.