Virginia’s revenue collections increased by 16.7 percent in February over the same time last year, state officials reported Tuesday.
It marks the eleventh month out of the last 12 in which collections exceeded the previous year’s amount, and the fourth straight month in which year-over-year revenue growth was greater than 9 percent.
“We are continuing to see clear signs that Virginia’s economy has begun to turn the corner,’’ Gov. Bob McDonnell said in a statement. “Last week, we announced that the seasonally adjusted unemployment rate in Virginia has fallen to a two-year low. Today, we are announcing another month of positive revenue numbers. The economic trend in the commonwealth is positive and it is increasingly consistent.”
The increase was primarily driven by an uptick in withholding and sales tax collections.
“While we recognize the recent good news, we cannot lose sight of the fact that this recovery is still fragile and early,’’ McDonnell said. “Until every Virginian can find a good-paying job to support their family, our work is not over.”