Industries

Virginia posts 12.6 percent revenue growth in January

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January revenue collections in Virginia increased 12.6 percent over the prior year, according to the latest revenue report.

This marks the tenth month out of the last 11 in which state revenue collections exceeded the previous year’s amount. Excluding tax amnesty revenue, it is the third month in a row in which year-over-year revenue growth was greater than 9 percent.

The revenue increase was primarily driven by withholding, nonwithholding and sales tax collections. Withholding collections were up 5.4 percent, nonwithholding collections were up 10 percent and sales tax collections were up 5.7 percent. Adjusted for the accelerated sales tax program, total state revenues grew 5.4 percent through January, slightly ahead of the economic-based forecast of 5.2 percent growth.


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