Virginia’s nascent economic recovery continues, according to figures released Tuesday: the state posted a nearly 13 percent increase in tax revenue collections in January – the tenth month in the last 11 that saw a year-over-year increase.
The jump was driven primarily by increases in withholding (5.4 percent), nonwithholding (10 percent) and sales tax collections (5.7 percent). Adjusted for an accelerated sales tax program last June, state revenues have grown 5.4 percent through January, ahead of a base forecast of 5.2 percent.
The economic indicators and falling unemployment are signs that Virginia is starting to emerge from the recession, but “we have much more work to do to get Virginians back to work and to continue growing our economy,” said Gov. Bob McDonnell.
