Construction and retail sales led higher than expected revenue gains in Arizona for October, running 3.7 percent ahead of budget, legislative analysts reported Thursday.
"October revenues were higher than projected, with collections exceeding the enacted budget forecast by $24.9 million," according to the Joint Legislative Budget Committee's Monthly Fiscal Highlights report.
The increase was driven by increased construction activity, with a 19.5 percent rise in contracting sales tax revenues. Retail revenues also were strong for the month, increasing 5.7 percent, the report said.
For the first four months of the fiscal year, state revenues were $21.6 million, or 0.7 percent, below budget, and $128.5 million, or 4.6 percent, above last year.