After 2 Years of Historic Growth, State Tax Revenue Fell by More Than 9% in 2023—the Only Nonrecession Drop in 40 Years

State tax revenue collections, 1979-2023

a line chart of the change in state tax revenue between 1977 and 2024
Note: Tax revenue data represents annual fiscal year collections and is adjusted for inflation to 2023 dollars. Gray areas denote recessionary periods.
Chart: Zoe Manzanetti/GoverningSource: Pew analysis of data from the Urban Institute and U.S. Census BureauEmbed Created with Datawrapper