BRADENTON, Fla. - Georgia’s economy continues on an upward trajectory raking in nearly $1 billion in new state revenues during the past year.
Gov. Nathan Deal said net tax revenue collections totaled about $21.75 billion, for an overall increase of $930.5 million or 4.5%, compared to the same period in 2016.
For June, Georgia’s net tax collections totaled nearly $1.96 billion, for an increase of $50.2 million or 2.6% over last year.
Monthly revenue collections have increased for more than 30 months, according to state Department of Revenue reports.
The only blip during that period was in February when collections decreased by 5.6%.
Analysts have said that the state’s economy continues to outpace the nation.
“The state's real gross domestic product has grown at an annual rate of 2.8% since 2013, which is the eighth-best growth rate for any state and much better than the U.S. rate of 2.1%,” Moody’s Investors Service analyst Dan Seymour said in a June 12 credit opinion.
Personal income growth in 2016 was the fifth-best of all states, he said.
The state has seen a number of business expansions and relocations, many in the Atlanta region.
Deal said Monday that the state’s film and television productions generated an economic impact of $9.5 billion during fiscal 2017.
“The 320 feature film and television productions shot in Georgia represent $2.7 billion in direct spending in the state,” he said.
Triple-A rated Georgia issued $1.4 billion of new and refunding general obligation bonds in four series on June 20.
A $420.7 million tranche of 20-year GOs was sold at a true interest cost of 3.06% to Bank of America Merrill Lynch.
