Jonesboro sales tax collections rise more than 14% in March
Sales and use tax collections accelerated in Jonesboro during the month of March, according to records released by the city. About $2.026 million in sales and use tax was collected, a 14.5% ($256,895) jump from the same month in 2022.
For the year, the city has tallied $6.795 million a 9% ($562,242) uptick when compared to the first three months of last year.
Projected revenues had been down the first couple of months in 2023, but the March collections virtually wiped out that deficit. The city is down about $9,000 for the year based on its projections.
Sales tax figures 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.
Northeast Arkansas’ hub city has a diversified workforce that has helped it to withstand national economic downturns in recent decades, according to officials. That diverse mix of jobs include healthcare, manufacturing, government, retail, agriculture and others. The city also is a hub for those in surrounding counties seeking healthcare, and Arkansas State University is the region’s largest university and employer.
Craighead County mirrored the city’s sales tax growth for the month and year. The county collected $2.307 million during March, a 15.3% ($307,000) uptick from the same month in 2022. For the year, the county has collected $7.683 million.