Jonesboro, Craighead Co. continue decade-long sales tax collection records
by January 17, 2024 9:37 am 509 views
Another year is in the books and the city of Jonesboro and Craighead County continued their decade-long run at setting new sales and use tax records each and every year. Jonesboro collected $26.261 million in sales and use tax in 2023, a 4.8% ($1.199 million) increase when compared to 2022, according to records released by City Hall.
For the month of December, the city collected $2.13 million, an 8.6% ($169,348) increase when compared to the same month in 2022. It’s the first time in the city’s history that it topped $2 million in collections each month of the year.
While the raw collections were a record, they didn’t meet projected estimates. The projected budget for the year was down 2.7% ($733,000). It was the first time this decade that the projected budget wasn’t met.
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 nexus for those in surrounding counties seeking healthcare, and Arkansas State University is the region’s largest university and employer.
Craighead County had a similar growth pattern.
The county collected $29.9112 million in 2023, about $1.7 million more than was collected during 2022, according to the Craighead County Treasurer’s office. In December, the county collected $2.445 million, a nearly 8% ($215,000) uptick as compared to December 2022.