Tax revenue for New York state over the last two months were $4 billion higher than initially projected by budget officials, a report released Tuesday by Comptroller Tom DiNapoli found.

The higher-than-expected revenue is a sign New York's economy is beginning to pick up pace as more businesses fully reopen and pandemic restrictions are loosened. The state reached 70% of its adult population receiving at least one COVID-19 vaccine shot that triggered the end of most rules for the pandemic.

“The strong tax collections through the first two months of the state fiscal year is good news and gives reason for optimism about the economic recovery," DiNapoli said in a statement. "The state is emerging from the pandemic on solid fiscal footing because of robust tax revenue growth and an unprecedented infusion of federal assistance. Still, economic uncertainties remain and caution is warranted going forward.”

The growth in revenue over the last two months is also $14.1 billion more than the state took in a year ago, when the pandemic had delayed filing deadlines for the personal income tax. Personal income tax filing collections grew this year from final returns, DiNapoli said. Consumption and use tax collections, however, also grew by 47.4% to $2.9 billion, the report found.

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