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Virginia Politics
Posted at 01:25 PM ET, 03/14/2012

Virginia posts 17 percent revenue growth in February

Virginia’s revenue collections increased by about 17 percent in February over the same time last year, state officials reported Wednesday.

The increase was driven by an uptick in most major revenue sources, including individual income tax withholding, income tax non-
Virginia Gov. Bob McDonnell (AP Photo/Carolyn Kaster)
withholding and sales and corporate taxes.

On a year-to-date basis, total revenue collections have risen 5 percent, slightly ahead of the revised annual forecast of 4.6 percent growth.

Gov. Bob McDonnell (R) used the occasion to celebrate — and zing Democrats a little bit for failing to pass a state budget before they left town Saturday.  

“The bipartisan effort to put in place a pro-business, job-creation agenda in the commonwealth is paying dividends,’’ McDonnell said in a statement. “However, our growth remains subject to many unstable factors, not the least of which is the uncertainty following Senate Democrats’ decision to reject both proposed budgets during the 2012 regular session.”            

Unemployment levels dropped 0.3 point to 5.8 percent in Virginia in January, the Labor Department reported Tuesday. That’s the lowest unemployment rate in Virginia since January 2009.

By  |  01:25 PM ET, 03/14/2012

Tags:  Virginia, Virginia economy

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