Raleigh – Governor Pat McCrory applauded North Carolina’s strong revenue growth during the first quarter of the fiscal year, which is largely driven by strong wage growth and employment gains. According to the Quarterly General Fund Revenue Report by the Fiscal Research Division, North Carolina revenue collections for the first quarter are $158.3 million or 3.1 percent above projections.
“In an environment where we have cut taxes for North Carolina families and businesses by $4.7 billion, our revenues continue to grow due to higher wages and substantial job creation,” said Governor McCrory. “Our pro-growth economic policies have helped turn budget shortfalls into surpluses and made North Carolina one of the fastest growing economies in the nation since 2013.”
According to the report, personal income tax withholding on wages led the way with exceeded expectations while sales tax collections were on target with projections. The state’s economic growth is projected to continue to outpace the nation for the rest of the fiscal year.
In June, North Carolina ended the fiscal year with a $430 million revenue surplus due to more people working and earning more money.
Under Governor McCrory’s leadership, unemployment is down in all 100 counties and more than 300,000 new jobs have been added.
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