State Revenues Remain Strong

Preliminary tax revenue numbers are in for the month of October. Overall, state tax receipts for October totaled just over $2 billion. That beat budget expectations by 1.3%. Both non-auto and auto sales tax revenues remain strong drivers of the total. Non-auto sales tax revenue beat estimates by 5.7% and auto sales tax revenues beat estimates by 5.9%. In statements from the Office of Budget and Management, the sales tax revenues for auto sales reflect the fact that consumers are still purchasing more expensive trucks and SUVs. This consumer confidence is helped in part by the fact that Ohio’s employment numbers are strong.  Finally, if one compares the tax receipts between fiscal years, the tax receipts for the first four months of this fiscal year (July 2019 through June 2020) outpace the receipts for the same period of last fiscal year by 3.8% or $285 million.

This information indicates that Ohio’s economy remains strong and that Ohioans are fully funding governmental operations with their tax dollars. Let’s see how these numbers match up with the mood of Ohio’s business owners. The Ohio Chamber’s Research Foundation’s third quarter Prosperity Pulse Report survey is now in the field and will be published in December. That report will give us a more complete picture of Ohio economic health and assist the Ohio Chamber as we advocate on behalf of our nearly 9,000 member companies at the statehouse during the remaining days of the 133rd General Assembly.