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State’s economy continues to improved

Feb 9, 2011 4:50:00 PM - thestate.com
State economists said S.C. tax collections continue to be higher than expected, a sign the state's economy is improving.

As a result, the three-member state Board of Economic Advisors voted today to add $100 million, combined, to the state’s expected revenues for its current budget year and the budget year that starts July 1.

Coupled with spending cuts announced this week by the Department of Social Services and other agencies, the state's budget hole for next year -– the amount it must cut spending next year, which was $854 million at the beginning of the week -- now has shrunk to under $700 million.

"The slow increase we're seeing is real and sustainable," Economic Advisers member Don Herriott said of the growth in business and individual income taxes paid to the state. "This is people working."

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