Sales tax collections in Jonesboro surge by double-digits in August
Although sales and use tax collections in Jonesboro and Craighead County had maintained a steady record pace in recent months, those collections had slowed when compared to earlier in the year. Collections surged by double digits in August, according to figures released by the city and the Craighead County Treasurer’s Department.
Northeast Arkansas’ largest city collected $2.207 million during August, a 10.1% ($203,275) increase from the same month in 2021, according to city records. The total was up 9.8% ($196,291) when compared to the monthly projected budget.
For the year, Jonesboro has collected $16.7 million in city sales and use taxes, a 11.3% ($1.699 million) gain when compared to the first eight months of 2021. The total is 8.1% ($1.263) above the projected budget.
It’s the sixth 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 outpaced the city during the month of August.
It collected $2.525 million during August, a less than 14% ($323,300) increase from the same month in 2021. For the year, the county has collected $18.743 million in sales and use tax, a 15% upswing when compared to last year.