Tennessee Revenues Continue To Grow
Tennessee’s economic engine continues to churn. Revenue numbers for March were released on Thursday and according Department of Finance and Administration Commissioner Butch Eley the trend of tax revenues exceeding budgeted estimates continued last month. Overall March revenues totaled $1.6 billion, which is 22.78 percent more than the state received in March of 2021 and $348.8 million more than the budgeted estimate for the month. Nearly 70% of that revenue increase continues to be contributed to sales tax collections. In fact, building materials led the way with a nearly 34% jump than the previous month. Also, restaurants and bars serving food grew tax revenues 33.41 percent…general merchandise retailers saw over 15% growth, food stores grew around 11 1/2 percent, auto dealers and service stations saw a 19.50 percent increase in sales taxes, apparel and accessory retailers grew 36.58 percent, home furnishing retailers grew their tax revenues by over 23 percent. Year-to-date revenues, for the 8 month fiscal period of August through March, are $2.5 billion more than the budgeted estimate. The growth rate for eight months is 18.62 percent.