Tennessee sales jump 8.6 percent
Strong consumer spending in December pushed Tennessee tax revenues above budgeted estimates for January. Finance and Administration Commissioner Larry Martin Wednesday that overall January revenues were $1.3 billion, which is $45.6 million more than the state budgeted.
“January sales taxes, which included the holiday buying season, posted the largest monthly growth rate so far this fiscal year, and in fact, it’s been our strongest second quarter growth since 2006,” Martin said. “Strong consumer spending, a continued decline in gasoline prices and an overall improving economy contributed to the sales tax growth in January.
Sales taxes were $58.3 million more than the estimate for January and were 8.59 percent more than January 2015. For six months revenues are $217.6 million higher than estimated. The year-to-date growth rate for six months was 7.44 percent.
EPBEPB and the city of Chattanooga are planning a workshop from 11;30 a.m. to 1 p.m. Wednesday, March 2 at EPB’s downtown building to encourage businesses to join the city’s Better Buildings Challenge to trim energy consumption.