New York state’s tax revenue over the past two months has exceeded budget officials’ initial forecast by $ 4 billion, according to a report released Tuesday by Comptroller Tom DiNapoli.

The higher-than-expected incomes are a sign that New York’s economy is starting to accelerate as more businesses fully reopen and pandemic restrictions are relaxed. The state has reached 70% of its adult population receiving at least one injection of the COVID-19 vaccine that has triggered the end of most rules for the pandemic.

“The strong tax collections in the first two months of the state’s fiscal year are good news and give grounds for optimism about the economic recovery,” DiNapoli said in a statement. “The state is emerging from the pandemic on a solid fiscal footing due to solid tax revenue growth and an unprecedented injection of federal aid. Nonetheless, economic uncertainties remain and caution is required going forward.”

Revenue growth over the past two months is also $ 14.1 billion more than what the state collected a year ago, when the pandemic delayed filing deadlines for the income tax. personal income. Personal income tax return collections have increased this year compared to final returns, DiNapoli said. However, consumption and use tax collections also rose 47.4% to $ 2.9 billion, according to the report.

Much of the economy was frozen last year when the pandemic forced public gathering spaces, businesses and schools to close in order to stop the spread of the coronavirus. Precautions have been slowly lifted as more people are vaccinated and the virus level has dropped dramatically in recent weeks.