SALT LAKE CITY — New state revenue estimates released Monday by Gov. Gary Herbert anticipate $280 million in growth in the 2013 budget year.
Also, revenues are now predicted to increase $128 million more than expected in the current budget year that ends June 30, 2012.
"When you consider what is happening nationally or in other states, the steady drum beat of positive economic news in Utah is certainly encouraging," Herbert said in a statement.
When you consider what is happening nationally or in other states, the steady drum beat of positive economic news in Utah is certainly encouraging.
–Gov. Gary Herbert
The governor will release his 2013 budget in December, likely mid-month. The revenue estimates made public Monday are consensus figures, agreed to by analysts for both the governor and the Legislature.
State economist Juliette Tennert said more jobs, better wages and additional consumer spending all contributed toward the positive forecast.
"What drives state revenues is mostly comprised of income taxes and sales taxes," Tennert said. "We've been consistently adding jobs," some 30,000 in the past 12 months alone.
"Challenges remain, but the growth in jobs and wages is still there," she said. "People have more money and they are buying things."
Last year was the first since the 2007 budget year that analysts predicted revenue growth. "It's nice to come in with some good news," Tennert said.