Arkansas’ economy saw better-than-expected growth across all major revenue categories last month, officials said Monday.
The state’s general tax revenue collections increased by $121.7 million, or 21.4% over last year, to $691.5 million, according to March’s revenue report.
Individual income tax collections topped the state’s forecast by $80.7 million, or 34.9%, totaling $312.2 million in March.
John Shelnutt, the state’s chief economic forecaster, said last month’s economic growth outpaced last year’s stimulus-fueled gains.
“It shows surprisingly good growth rates in our key indicators,” John Shelnutt, the state’s chief economic forecaster, said of last month’s revenue report.
March’s revenue report also showed that the year-to-date net available revenue is above forecast by $456 million.
Read Tuesday’s Arkansas Democrat-Gazette for the full story.