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New Jersey Has a Post-Sandy Bounce-Back

In the aftermath of being depressed by Hurricane Sandy in November, New Jersey revenues bounced back in December.

In November the state government’s total revenues came in 10.8% lower than budgeted. In December these same revenues were up 1.1% compared to the same month in 2011.

Income taxes in particular climbed. They went up 19.8% over the 2011 monthly total.

Income tax revenue for the first half of the fiscal year was $4.35 billion, up 5.6% from the same period in 2011. They were also 2.3% higher than they had been projected.

“The growth we continue to see in income tax collections, the largest and most important revenue source for the state, is an encouraging sign that the fundamental strengths of the New Jersey economy are driving the recovery forward,” said state Treasurer Andrew Sidamon-Eristoff.

“The resilience in sales tax revenues in December was also impressive, especially given that impacts from superstorm Sandy continued to disrupt normal shopping patterns in many parts of the state during the early part of the month.”

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