NASHVILLE (AP) — Tennessee officials are reporting that the state exceeded their tax revenue estimates in January by nearly $380 million.

On Friday, Department of Finance and Administration Commissioner Butch Eley said January's state tax revenues totaled $1.67 billion, which is $380.1 million more than estimated. The total is also 7.66% greater than revenues received in January 2020.

Eley said the tax revenues reflect consumer spending during the holiday season.

"At this time, the economic growth we have experienced in these first six months puts the state in a good fiscal position to fund the current and upcoming fiscal year budgets," Eley added, noting that "economic conditions" could still change.