The state’s economy is picking up – ever so slowly – according to state tax data revealed Thursday.
The Board of Economic Advisors said state tax revenues grew by 3.8 percent during the first three months of the budget year, and revenues are running well ahead of estimates.
But chairman John Rainey said that while new unemployment claims have dropped to pre-recession levels, home construction and sales are still mired in a slump.
"I’m just not that exuberant at this point,” Rainey said, noting the state is still facing a potential billion-dollar revenue shortfall when lawmakers return in January.
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According to state data, tax collections are $67.1 million ahead of estimates this year. The BEA projected revenues would decline this year, and may adjust their budget projection when the panel meets in November.