Tennessee reports surging revenue figures for month of January

Tennessee finance officials say the state is starting off on the right foot in 2021 as tax revenue totals well exceeded expectations for the month of January.

Revenue for the first month of the year totaled $1.67 billion, which came out to $380 million more than the state expected. Comparing numbers from January of 2020, tax revenues were up more than 7.6%.

Butch Eley, Tennessee Finance and Administration Commissioner, says this boost in revenue is reflective of consumer spending during the holiday season.