It’s been two years since the last time it happened, but Virginia’s government is reporting that state tax revenues increased from the previous month in both March and April.
A rise in sales taxes shows that Virginians are spending more. Even better, income taxes ballooned by 38.7 percent, a sign that payrolls for citizens are on the rise. These are good signs for Virginia’s economy:
“Although the increase in total revenue is modest, two consecutive months of growth represents a significant improvement in the trend for general-fund revenue collections,” McDonnell said in a written statement yesterday.
He described the latest revenue report as a “small indication that some positive developments are taking place in our overall economy.”
Here’s hoping that the small indication of an improving trend sticks. Housing economists are watching unemployment numbers closely. As the number of unemployed sinks, the housing market is expected to rise.
Read more in the Richmond Times Dispatch.