The Census Bureau today released its 2011 Annual Survey of State Government Tax Collections “which contains annual statistics on the fiscal year tax collections of all 50 state governments.” The new report shows that state government revenues have stabilized across the country and all 50 states actually saw increases in total collections, with the largest growth occurring in North Dakota (+44.5 percent), Alaska (+22.4 percent), Illinois (+15.3 percent), and New Mexico (+15.1 percent).
Interestingly, while North Dakota, Alaska, Illinois, and New Mexico experienced stronger tax collections than Texas (Note: Texas’ total tax collections from FY 2010 to FY 2011 grew 9.6%, according to the new data), none of those states came close to the level of job creation we witnessed in Texas.
From February 2010 to February 2011, total nonfarm employment growth in each state looked like this:
– North Dakota +26,800- Alaska +1,600- Illinois +32,000- New Mexico +5,500- Texas +273,900
So while some may celebrate the fact that these states are beginning to dig themselves out of the proverbial ditch, we are winning where it counts the most: jobs.