Sales tax collections in Jonesboro, Craighead County continue rise
by July 25, 2022 5:39 pm 1,709 views
Sales and use tax collections in Jonesboro and Craighead County continued at a blistering pace in July.
Northeast Arkansas’ largest city collected $2.047 million during July, a 4.3% ($83,935) increase from the same month in 2021, according to city records. The total was up 3.8% ($75,728) when compared to the monthly projected budget.
For the year, Jonesboro has collected $14.5 million in city sales and use taxes, a 11.5% ($1.496 million) gain when compared to the first six months of 2021. The total is 7.9% ($1.067) above the projected budget.
It’s the fifth 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.
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 July, but remains the best seven month stretch ever in the county.
It collected $2.322 million during July, a less than 4% ($104,000) increase from the same month in 2021. For the year, the county has collected $16.218 million in sales and use tax, a 14.8% upswing when compared to last year.