ECONOMY: STELLAR THIRD QUARTER
Benjamin L. Varner, Chief Economist

Initial results from the third quarter show strong growth throughout the economy. The Bureau of Economic Analysis released an initial estimate for real Gross Domestic Product (GDP) of 4.9% growth last week. This was the fastest the U.S. economy has grown since the fourth quarter of 2021 when it grew 7.0%.

GENERAL FUNDS RECEIPTS RISE IN OCTOBER WITH LARGE BOOST FROM FEDERAL SOURCES
Eric Noggle, Revenue Manager

It was an impressive month for revenues deposited into the State’s General Funds as total receipts rose $572 million in October. The growth came from a variety of sources with the largest gains coming from Federal Sources. State coffers also benefitted from an extra receipting day in October, which specifically helped boost this month’s Personal Income Tax totals.
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Through the first third of the fiscal year, total General Funds receipts are up $611 million. From a base revenue perspective, when accounting for both the removal of $764 million in one-time revenues from last year’s ARPA reimbursements and this month’s $633 million in one-time delayed federal matching funds, “base” revenues are up a net $742 million through October.