The state’s Economic and Forecast Council published a new report today indicating that tax collections over the past month have exceeded expectations by $10.6 million. The main take away: It didn’t get worse.
It indicates the state economy is likely to outperform the national economy in the near term. However, despite tax collections coming in at expected levels during the Sept. 11 through Oct. 10 period “there is still considerable downside risk to the forecast if the national economy threatens to slow further or fall back into recession.”