The city of Jonesboro sales tax and use collections rebounded in September and it remains on pace to break its all-time record for at least the seventh year in a row.
The city collected $1.727 million during the month, a 1.5% ($25,444) uptick from the same month in 2022, according to records released by the city.
For the year, the city has collected $15.823 million, a 5.9% ($880,909) increase when compared to the first nine months of last year. When compared to the projected budget, however, the city lagged in September and is still slightly behind for the year.
In September the city missed its projected budget by 6.5% ($119,124). For the year, the city sales and use collections are down 1.6% when compared to the projected budget.
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 collected $2.445 million in September, a less than 1% ($36,015) increase when compared to the year before. To date the county has collected $22.399 million and is still on pace to break its all-time collections record.