The National Association of State Budget Officers and the National Governors Association released their annual Fiscal Survey of the States today. While I haven't read the report yet, Pamela Prah of Stateline.org apparently has.
Most states will muddle through the current economic slow down, but if the country dips into a recession, then even more than 20 states likely will have to make cuts to their current budgets, Raymond C. Scheppach, executive director of the National Governors Association predicted. "Clearly, it’s a little more gloomy than it was once was," Scheppach said as NGA and the National Association of State Budget Officers released the latest state revenue numbers.The stalled housing market is pinching states across the board, but it’s more severe for states such as Arizona, California, Nevada and Florida that rely heavily on real estate taxes, Scheppach said.
Housing and construction have bolstered revenue collections here. This chart
from the state forecast council further suggests we may be sharing in the national construction decline.
