Arizona sales tax collection tops $100 billion
PHOENIX – Fiscal year 2015 closed out with Arizona taxable sales over $100 billion for the first time since 2008. Total taxable sales increased more than 5 percent from the year previous to reach $101.9 billion. Sales totaled approximately $104 billion in 2008.
Strong June collections helped hit the $100 billion mark as that month’s sales were up nearly 7 percent, totaling $8.7 billion. Consumer spending comprises as much as 70 percent of Arizona’s gross domestic product.
Sales in lodging and tourism were up 5.3 percent and the largest revenue increases came from information technology and financial services, which were up 30.8 percent over 2014. Sales in professional, managerial and administration were up more than 20 percent year over year.
Vehicle sales were up more than 7 percent and building materials and lawn and garden sales were up 12 percent. General merchandise, food and liquor, and clothing and accessories were all up compared to 2014, as well.
Source: Phoenix Business Journal