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June 2011 Economic Brief

May 2011 revenue collections in Pennsylvania exceeded projections by $33.9 million. While corporate tax collections were 29% above estimate and sales tax collections beat estimates by 5.5%, personal income tax collections were below estimate. Economic indicators for Pennsylvania still show mixed signals, as the state's economic forecasters reduced growth estimates for 2011 and increased inflation estimates. Overall, Pennsylvania's economy has not fully recovered.

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125 views1 page

June 2011 Economic Brief

May 2011 revenue collections in Pennsylvania exceeded projections by $33.9 million. While corporate tax collections were 29% above estimate and sales tax collections beat estimates by 5.5%, personal income tax collections were below estimate. Economic indicators for Pennsylvania still show mixed signals, as the state's economic forecasters reduced growth estimates for 2011 and increased inflation estimates. Overall, Pennsylvania's economy has not fully recovered.

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PAHouseGOP
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House Republican Appropriations Committee

Economic Brief Rep. Bill Adolph, Republican Chairman June 2011

May Revenue Collections $33 Million Over Projections;


Economic Indicators Still Show Mixed Signals
May 2011 General Fund revenue collections exceeded
Department of Revenue projections by $33.9 Million, or 2 percent for
the month. Total year-to-date General Fund collections are $539.4
Million, or 2.3 percent over estimate.

All corporate tax collections were 113.4 Million, which is 29


percent above estimate. Consumption tax collections totaled $813
Million, which is 4.3 percent above estimate. Sales tax collections
beat estimates by $36 Million, or 5.5 percent. The Personal Income
Tax collections were $687 Million, which is $14.7 Million below
estimate. Non-tax revenue collected came in at $58.4 Million, which
is $11.2 Million below estimate. EMPLOYMENT STATISTICS
April 2011 Monthly Change
While May collections represent the second straight Labor Force 6.356 Million -8,000
month with collections over estimate, 5 out of 11 months in the
2010-2011 Fiscal Year were below estimate. Also noteworthy in Unemployment Rate 7.5% -0.3%
the conversation about Pennsylvania’s economy is that IHS Global
Insight, the Commonwealth’s economic forecasters, have reduced Total Employment 5.879 Million +10,000
growth estimates by a half percent for 2011, and increased inflation
estimates by 1.1 percent. These factors indicate Pennsylvania’s Neighboring States Unemployment Rates
economy has still not completely recovered. NJ: 9.3% MD: 6.8% OH: 8.6%
DE: 8.2% WV: 8.8% NY: 7.9%

General Fund Revenue- May 2011 MAY REVENUE COLLECTIONS


Estimate Actual
Corporation Taxes Corporation Taxes
Actual Collections
$ 87.70 Million $113.42 Million
Estimated Collections
Sales Taxes Sales Taxes
$656 Million $692.63 Million
Consumption Taxes Consumption Taxes
$123.400 Million $120.48 Million
Personal Income Taxes Personal Income Taxes
$702 Million $687.26 Million
All Other Taxes All Other Taxes
$102.1 Million $102.47 Million
Non Tax Revenue Non Tax Revenue
$ 69.6 Million $58.42 Million
Total General Fund Total General Fund
$1.740 Billion $1.774 Billion

House Republican Appropriations Committee


(717) 787-1711 www.PABudget.com 245 Main Capitol

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