Fresh off his morning show appearances, Virginia Gov. Bob McDonnell announced on Thursday that the state’s revenue collections were up 12.4 percent in March compared to a year ago, as the commonwealth’s economy continues to recover from the throes of the recession.
Tax collections have been up over 2010 collections in 12 of the last 13 months. March is not typically a significant month for revenue collections, Finance Secretary Richard Brown wrote in a memo, but so far revenue collections have increased 4.9 percent, ahead of a revised annual forecast of 4 percent.
“For the fifth month in a row, we are seeing revenue growth over 9 percent, clearly indicating that Virginia’s economy is on the path toward recovery,” McDonnell said. “While we can celebrate the recent good news for our economy and are pleased with the continued trend toward recovery that these numbers indicate, we cannot lose sight of the fact that this recovery is still fragile.”
