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February 2011 Economic Brief

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February 2011 Economic Brief Powered By Docstoc
					                                        House Republican Appropriations Committee


                                   Economic Brief
                                              Rep. Bill Adolph, Republican Chairman                       February 2011

              January Revenues Continue To Lead Projections;
     General Fund Year-to-Date Collections Are $264 Million over Estimate
        January revenue collections continued on a positive
track and beat estimates by $72 Million dollars or 3.4% for the
month. Cumulatively, year-to-date General Fund collections
are $264 Million over estimate with all collections for the year
totaling $13.7 Billion which is 2% above estimate.

       All three major tax categories, corporate, sales, and
income came in better than expected for the first month of
2011. Sales tax colections showed positive signs by coming in
$4.8 Million or 0.6% over estimates. There was also continued
improvement in Personal Income Tax (PIT) collections. The PIT              EMPLOYMENT STATISTICS
beat budget office expectations by $72 Million or 6.8% .                               December 2010     Monthly Change
                                                                   Labor Force         6.358 Million     -5,000
        Corporation tax collections were $89.9 Million which
is $917,000.00 above estimate. Consumption tax collections         Unemployment Rate 8.5%                 -0.1
totaled $899 Million which is $7.8 Million below estimate. All
                                                                   Total Employment    5.819 Million     +4,000
other tax collections were $1.2 Billion which is $74 Million
above estimate. Non-tax Revenue collected was $20.8 Million        12-Month Growth
which is $5.4 Million above estimate.                              Total Employment    -15,000

                                                                   Unemployment Rate -0.3

            General Fund Revenue                                      JANUARY REVENUE COLLECTIONS
                                                                         Estimate                      Actual
           Actual Collections

           Estimated Collections
                                                                   Corporation Taxes         Corporation Taxes

                                                                   $89 Million                $89.9 Million

                                                                   Consumption Taxes         Consumption Taxes

                                                                   $907.2 Million             $899.4 Million

                                                                   All Other Taxes           All Other Taxes

                                                                   $1.16 Billion              $1.23 Billion

                                                                   Non-Tax Revenue           Non-Tax Revenue

                                                                   $15.4 Million              $20.8 Million


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

				
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