Another excellent month, 9 percent growth in March, pushed Georgia to a year-to-date 6.1 percent increase, which leads virtually every other state in the South and puts the state neck-and-neck with Texas. Here are March’s numbers:

Total revenue: $1.435 billion, up $118.4 million or 9 percent

Individual income taxes - up $66 million or 13 percent (withholding up 4.6 percent, refunds down -3 percent)

Net sales taxes - flat at -0.2 percent

Motor fuel taxes - up 8.5 percent (excise and sales tax both up over 8 percent)

Corporate income taxes - up 8.7 percent or $18.6 million

Alcohol and tobacco taxes - both down at -2.8 percent and -7.9 percent, respectively

Title/tag revenues - up $10.7 million or 11.8 percent

After three quarters, state headed toward a banner year
Standing at an overall 6.1 percent growth with three months to go, the state is aimed to finish the year with a substantial amount left over to go into the state’s revenue shortfall reserve, which could push the total to over $1 billion in reserves.

Total revenues YTD - $13.847 billion, 6.1 percent increase

Individual income taxes - up 7 percent or $460.3 million

Net sales taxes - up $209.5 million, 5.5 percent

Motor fuel taxes - flat at 0.3 percent increase

Corporate income taxes - up $42.6 million or 6.8 percent

Tobacco taxes - down 2.8 percent; alcohol taxes - up 3.7 percent

Title/tag fee - up $62.5 million, 8 percent increase

Nobody’s growing faster than Georgia
Whether you are looking at quarterly numbers or a rolling 12-month average, no state, except for Texas, can compare to Georgia in growth in revenues this year.  For the third quarter, compared to the two states we have numbers for, Georgia leads the way, even leading Texas.  Georgia’s 7 percent growth, January-March 2015 compares to Alabama at 3.1 percent and Texas, starting to feel a slowdown possibly tied to oil prices, at 3.7 percent.

Through March, the 12-month trailing average shows Texas at 5.9 percent growth, with Georgia at 5.5 percent and Alabama at 3 percent.

Even more telling are the 12-month trailing averages through February:

Georgia 5.7 percent

Texas 6.1 percent (headed down, it appears)

South Carolina 5.4 percent

Tennessee 4.9 percent

Florida 4.4 percent

Alabama 3.4 percent

Mississippi 3.4 percent

Louisiana (minus) -1.1 percent

North Carolina (minus) -3.4 percent

So, the state is poised for a year of unprecedented growth not seen since before the recent recession.

We will continue to review legislation, the 2016 budget and state revenues over the next few weeks. Legislation and final action may be accessed online at: www.legis.ga.gov and the state budget can be accessed online at the Senate budget and Evaluation Web site: www.senate.ga.gov/sbeo/en-US/Home.aspx.

I may be reached at
234 State Capitol, Atlanta, GA 30334
(404) 656-5038 (phone)
(404) 657-7092 (fax)
E-mail at Jack.Hill@senate.ga.gov
Or call toll-free at
1-800-367-3334 day or night
Reidsville office: (912) 557-3811