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January 2011 Economic Brief

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January 2011 Economic Brief Powered By Docstoc
					                                         House Republican Appropriations Committee


                                    Economic BriefRep. Bill Adolph, Republican Chairman                          January 2011

                     December Revenues Beat Projections by $176 Million;
                      Year-to-Date Collections Nearly 2% Above Estimate
         December revenue collections show positive signs as
collections in each major category were above estimate for the
month. General Fund collections for December 2010 were $2.3
Billion beating the Department of Revenue’s estimates by $176.9
Million or 8 % for the month.

       Due to the above-estimate collections in December, total
General Fund year-to-date collections are $191 Million or 1.7% above
estimates midway through the fiscal year.

         One of the most significant numbers found in December
collection figures is the improvement in Personal Income Tax (PIT)               EMPLOYMENT STATISTICS
collections which is 12% above estimate. This is promising as it                             November 2010     Monthly Change
shows a strong turn-around when compared to November 2010 PIT            Labor Force         6.362 Million     -5,000
collections which were 3% below estimate.
                                                                         Unemployment Rate 8.6%                 -0.2
        Corporation tax collections were $476.9 Million which is $36
Million above estimate. Consumption tax collections totaled $803         Total Employment    5.815 Million     +9,000
Million which is $31 million above estimate. All other tax collections
were $968 Million which is $98 Million above estimate. Finally, Total    12-Month Growth
Non-tax Revenue collected was $42 Million which is $12 Million           Total Employment    -20,000
above estimate.
                                                                         Unemployment Rate -0.1

             General Fund Revenue                                          DECEMBER REVENUE COLLECTIONS
                                                                               Estimate                      Actual
            Actual Collections

            Estimated Collections
                                                                         Corporation Taxes         Corporation Taxes

                                                                         $441.2 Million             $476.9 Million

                                                                         Consumption Taxes         Consumption Taxes

                                                                         $773.1 Million             $803.8 Million

                                                                         All Other Taxes           All Other Taxes

                                                                         $870.1 Million             $968.3 Million

                                                                         Non-Tax Revenue           Non-Tax Revenue

                                                                         $30 Million                $42.4 Million


                                    House Republican Appropriations Committee
(717) 787-1711                                www.PABudget.com                                          245 Main Capitol

				
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