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Commonwealth's Revenue Growth

For Immediate Release

 

Delegate Terry Kilgore

Contact: Gerald Miller (276) 386-7011


Delegate Israel O’Quinn

Contact: Jacob Holmes (276) 525-1311


Delegates Kilgore and O’Quinn on the Commonwealth’s Revenue Growth and Decrease in Unemployment

 

Governor Bob McDonnell announced on Wednesday that February revenue collections rose 17.2 percent over the same month a year ago.  The extra deposit day created by the leap year observance boosted the numbers for this typically insignificant month for revenue collections.  All major sources except insurance premiums contributed to February’s growth.  Both Delegate Terry Kilgore and Delegate Israel O’Quinn were ecstatic to hear these numbers and to see the progress that Virginia’s economy has made in the recent months.

Delegate Israel O’Quinn (R – Washington) said, “The revenue growth is great news for the Commonwealth and shows that Southwest Virginia is well-positioned for an economic recovery.  Both Delegate Kilgore and I working hard to find solutions problems that confront Virginia and it is great to see results, especially in the economic sector.” 

On Tuesday, McDonnell announced that Virginia’s unemployment rate has fallen to 5.8 percent.  This is the lowest it has been since January 2009 and it is down from 6.2 percent in December 2011 and down from 7.2 percent at the start of his administration.  Governor McDonnell attributes Virginia’s economic recovery to the bipartisan efforts to promote job creation and business growth in the Commonwealth.

“We are pleased to be working with Governor McDonnell on improving the Commonwealth’s economic outlook, and we hope to continue the progress that we have seen recently.  With revenues up and the unemployment rate down, Virginia’s economic future looks very promising.  We have made great improvements but with many Virginians still without jobs, we have work yet to do,” said Delegate Terry Kilgore (R – Scott).

Although this is great news for the Commonwealth, the battle over the biennial budget could still threaten the economic stability of Virginia.  Companies and businesses across the state look to Richmond in anxious anticipation of a budget from the State Senate.  Without an approved budget, the economic future of Virginia is on shaky ground.

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