DESPITE SLOWER OVERALL ECONOMIC GROWTH, UNDERLYING DEMAND REMAINS SOLID
Benjamin L. Varner, Chief Economist

The U.S. Bureau of Economic Analysis’s recently released GDP estimate shows that economic growth slowed in the second quarter, even as strong consumer spending and business investment pointed to solid underlying demand.

FY 2027 REVENUES OFF TO GOOD START DUE TO STRONG MONTH FROM CORPORATE INCOME TAX AND SALES TAX RECEIPTS
Eric Noggle, Revenue Manager

Revenues deposited into the State’s General Funds began FY 2027 on a positive note, with receipts increasing by $188 million compared to last July. The 5.0% growth was driven primarily by sizeable gains in Corporate Income Tax and Sales Tax receipts, which more than offset notable declines among several other State revenue sources.