November was a wild ride month for sales tax collections in the Tri-Cities.
The Kingsport-Bristol Metropolitan Statistical Area posted the highest year-over-year and month-over-month increases after posting its largest 2017 year-over-year decrease in October. The increase – a little more than $2 million in seasonally adjusted funds than what was collected in October – was big enough to push it ahead of the Johnson City MSA in the comparison of year-to-date collections.
Kingsport’s year-over-year collections performance has been a wild ride since March.
If you look past the wild year-over-year swings, the trend shows collections in the Johnson City MSA area are 0.2% better than they were during the first 11 months of 2016; however, the year-over-year pattern has declined each month since August.
Kingsport-Bristol’s trend line for year-over-year collections shows big swings since March when both MSA’s year-over-year numbers went south. But on the all-import year-to-date comparison Kingsport-Bristol’s collection during the first 11 months of this year are 0.39% higher than they were last year.
Kingsport-Bristol claimed a 49.7% share of Tri-Cities collections in November, and that pushed the Johnson City MSA share to its lowest point for the year.
Stepping back for a regional look at year-to-date collections in Northeast Tennessee the Morristown MSA has the best growth rate followed by Knoxville, then Kingsport-Bristol and finally Johnson City.
The red line benchmarks the aggregate year-to-date collections in the four NE Tenn. MSAs.
Northeast Tennessee’s aggregate increase during the first 11 months of 2017 was up 0.99%. That means the two Tri-Cities metro areas are lagging the regional average while Knoxville and Morristown are above the regional rate.
Here’s how the year-to-year collections looked in Northeast Tennessee.
Kingsport-Bristol, up 5.8%
Morristown, up 3.3%
Knoxville, down 0.5%
Johnson City, down 2.1%.
State collections were 3.9% better than November last year.
The month-to-month collections for November were:
Kingsport-Bristol, up 12.9%
Morristown, up 2.3%
Johnson City, up 0.2%
Knoxville, down 2.1%.
Statewide collections were 0.4% higher than October.
A full listing of collections can be found at the MTSU Business and Economic Research Center website at http://capone.mtsu.edu/berc/tacir/summaryindicators.html?LABEL=sales+tax+collections+(thousand+%24)
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