State Revenues Show Uptick But Still Far Below ’08
Arizona’s state revenues increased by 5.2 percent in the 2012 fiscal year but still fall far short of 2008 levels, according to the just-released figures of the National Association of State Budget Officers.
The increase from $8.4 billion to $8.8 billion ended three years of flat revenues as the state suffered through the effects of the economic downturn. Revenues prior to the downturn reached $9.6 billion in 2008.
Arizona’s recovery lags the U.S. Arizona’s state revenues in 2012 were at 92 percent of pre-recession levels. The 50 states as a whole have bounced back to 99 percent. The 50 states took in an aggregate $654 billion in 2012, up from $631 billion in 2011 and nearly back to the $662 billion of 2008.
On a per-capita basis, Arizona’s revenue continues to be among the lowest in the country. The sum it collected in 2012 works out to $1,345 per capita, which ranks 45th among the states. View the updated rankings