ATTACHMENT 1. Sales Tax Revenue Forecast

Size: px
Start display at page:

Download "ATTACHMENT 1. Sales Tax Revenue Forecast"

Transcription

1 ATTACHMENT 1 Sales Tax Revenue Forecast RIVERSIDE COUNTY TRANSPORTATION COMMISSION, DECEMBER 2014

2 This publica on was prepared by: Beacon Economics, LLC BEACON ECONOMICS Christopher Thornberg Jordan G. Levine Founding Partner Economist & Director of Economic Research And by: Brian Vanderplas Senior Research Associate For further informa on about Beacon Economics, please contact: Victoria Pike Bond Director of Communica ons Or visit our website at Reproduction of this document or any portion therein is prohibited without the expressed written permission of Beacon Economics. Copyright 2014 by Beacon Economics LLC.

3 Contents Report Overview Na onal and State Economies Taxable Sales and Sales Tax Summary

4 Report Overview Beacon Economics, LLC has undertaken a forecast of key revenue streams for the Riverside County Transporta on Commission (RCTC) over the next thirty years. While our forecast uses standard me-series econometric techniques based on historical correla ons and future trends, our method of forecas ng follows a layered approach. Na onal policy changes and external shocks are built into a U.S. model with a variety of indicators, including GDP, produc on, demographics, interest rates, government spending, taxes, savings, income growth, and real estate. A California model is then developed that incorporates macro trends at the na onal level with trends in the local labor market, including demographics, real estate, and business ac vity indicators. Taking into account these state and na onal factors, Beacon Economics has set up a regional model for Riverside County that uses the macro trends along with a variety of specific regional data including figures on sales tax revenues that were provided by RCTC to create a local forecast that provides a broad outlook for the region on employment by industry, the unemployment rate, consumer spending and income trends, popula on and components of change, residen al real estate and construc on, and nonresiden al real estate and construc on. Thus, in our regional assessment, we highlight the major drivers on the na onal level, con nue with developments in the State of California, and zoom in on Riverside County s economy to provide a forecast of the ac vity and revenues that can be expected by RCTC out to fiscal year Riverside County Transporta on Commission Revenue Forecast Revenue Stream Actual Forecast FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Nominal Taxable Sales ($ 000s) 31,147,000,000 33,177,109,375 35,192,842,773 37,967,138,672 41,240,745,117 44,559,730,469 48,172,680,664 Growth(%) Measure A Tax 155,255, ,885, ,964, ,835, ,203, ,798, ,863,403 Growth(%) LTF Tax 76,375,798 82,942,773 87,982,107 94,917, ,101, ,399, ,431,702 Growth(%) Real Taxable Sales ($ 000s) 23,378,851,470 24,506,525,998 25,556,310,786 27,093,086,255 28,850,134,115 30,577,694,708 32,431,384,229 Growth(%) Measure A Tax 116,894, ,037, ,781, ,465, ,250, ,888, ,156,924 Growth(%) LTF Tax 58,447,129 61,001,302 63,890,777 67,732,715 72,125,336 76,444,236 81,078,462 Growth(%) Source: Forecast by Beacon Economics RCTC Revenue Forecast 1 December 2014

5 National and State Economies In our most recent quarterly edi on of Beaconomics, which can be accessed for free at we provide an in-depth analysis of the current na onal and state trends. Below is a brief summary of what we see happening for the U.S. and California economies. The remainder of this report will explain the underlying drivers behind our forecast conclusions. United States Economy During the third quarter of 2014, the U.S. economy grew at a 3.5% annual rate, down from the previous quarter s 4.6% growth, but s ll a solid increase and higher than the post-recession average growth of 2.3%. The global economy has exhibited weak growth as of late, with Europe having yet to pull out of its recession. China s growth has slowed and its real estate markets have showed signs of distress. But unlike the previous global downturn, the U.S. is no longer at the core of the problem and, rather, is a source of strength in the interna onal economy. Nearly every part of the U.S. economy is showing real signs of slow but steady improvement, from housing to public spending to credit. The only por on of the economy that is ac ng as a drain on the na on is the export sector, however, that is due to weakness in the global economy. Beacon Economics is forecas ng that the U.S. economy will keep growing this year, but at slightly below 3%, a bit slower than last year. Next year, expect the U.S. economy to grow at a pace modestly over 3%, with the following year improving even more. As for major poten al risks, they remain largely external although, there is nothing currently on the interna onal front that could seriously derail the na on s economy. S ll, the global economy remains the swing item. Absent such improbable occurrences, though, the U.S. economy will con nue to expand for the foreseeable future. California Economy As the Great Recession fades from California s rear-view mirror, it is becoming increasingly impera ve to focus on the structural challenges that the state faces over the long run. Among the obstacles the state faces are improving educa onal a ainment, funding the state s pension obliga- ons, infrastructure investments, reducing the cost of housing, and reforming our tax system to mi gate the effects of future economic downturns. As of September 2014, nonfarm employment in the Golden State jumped ahead of its pre-recession peak by more than 80,000 posi ons. While some sectors have performed be er than others, every major industry in the state s economy has shown progress since hi ng bo om in Jobs are being created across the spectrum of wage categories. California has enjoyed solid job growth in lowwage categories like Leisure and Hospitality, Administra ve Support, and Retail Trade. However, the state s labor market has also created a sizeable number of new Healthcare, Professional, and Informa on jobs which tend toward the higher end of the wage spectrum. RCTC Revenue Forecast 2 December 2014

6 Many leading indicators for future job growth remain in posi ve territory as well. Business and consumer spending, as measured by taxable sales, are up by more than 4.5% through the first half of Business investment con nues to move forward in California with more than $5.4 billion in new venture capital deployed so far this year. Beacon Economics is currently forecas ng that the California economy will con nue to lead the na onal recovery, with growth picking up in 2015 and 2016 before se ling into more normal growth rates therea er. Taxable Sales and Sales Tax Beacon Economics taxable sales forecast for Riverside County is based on the underlying fundamentals behind consumer and business spending in the area namely, popula on and income trends in both the larger regional economy and in the County of Riverside itself. Based on the trends in the na onal, state, and local economies, our forecast projects taxable sales growth in the 6% to 8% range over the next five fiscal years. Therea er, we expect taxable sales to return to trend growth of between 5% to 6% per year out to fiscal year We expect infla on to remain in line with historical trends and are currently projec ng real growth in the 5% to 6% range over the next five fiscal years, and then cooling down to 3% to 4% for the remainder of the forecast. Taxable Sales ($ Billions) 2.0e e e Taxable Sales Forecast Riverside County, FY to Taxable Sales Growth (%) Taxable Sales Growth Forecast Riverside County, FY to Actual Source: Forecast by Beacon Economics Forecast Actual Source: Forecast by Beacon Economics Forecast Popula on in the County Con nues to Expand Riverside County s popula on grew by 1.1% from 2013 to 2014, a marginally faster rate of increase compared to the statewide popula on growth of 0.9% over the same period. Having more residents live in the County will ul mately boost spending in the region, in turn suppor ng revenue growth over the next five fiscal years. The popula on growth from 2013 to 2014 was a slight accelera on over the 1.0% growth rate seen from 2012 to 2013, but was under the 2.9% average annual growth rate over the last ten years. The County of Riverside s popula on has, on average, grown faster than that of the State overall over the decades and we expect these trends to con nue. RCTC Revenue Forecast 3 December 2014

7 Employees (000s, SA) 1,260 1,240 1,220 1,200 1,180 1,160 1,140 Inland Empire Labor Market Oct-09 to Oct-14 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Nonfarm Employment Unemployment Rate Source: California Employment Development Department Unemployment Rate (%, SA) Population (000s) 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1,000 Riverside County Population 1990 to Source: California Department of Finance Inland Empire Labor Markets Gain Trac on Total nonfarm employment in the Inland Empire increased by 2.2% from October 2013 to October 2014, slightly faster than the 2.1% annual increase in statewide nonfarm payrolls and ahead of the na on overall. The unemployment rate in the Inland Empire has fallen 1.8 percentage points over the last year to 8.0%, which is somewhat higher than the current statewide average of 7.3%. These improvements in the local labor market will help support income growth and spending power in the years to come. As of October 2014, the Inland Empire had recouped 126,400 of the 149,200 jobs lost from the peak in July of 2007 to the trough in February of Although nonfarm employment is currently at 1.8% below its prerecession peak, the region has clearly come a long way since the Great Recession. Job growth was spread across a broad range of sectors, with only the Construc on and Financial Ac vi es sectors experiencing declines over the last year. Leading the way was the Professional and Business Services sector, which increased payrolls by more than 7,200 over the last year. Inland Empire Employment Growth Industry Oct-13 Oct-14 Change Growth (%) Total Nonfarm 1,239,400 1,267,200 27, Professional/Business 134, ,275 7, Educa on/health 184, ,558 5, Retail Trade 165, ,643 4, Government 225, ,138 3, Transport,Warehouse,U l. 79,736 83,572 3, Leisure and Hospitality 139, ,107 3, Wholesale Trade 56,310 58,728 2, Manufacturing 87,110 88,581 1, Informa on 11,294 11, NR/Mining 1,199 1, Financial Ac vi es 42,741 41,506-1, Construc on 71,227 69,791-1, Other Services 41,071 38,325-2, Source: California Employment Development Department RCTC Revenue Forecast 4 December 2014

8 Riverside County Spending Maintaining Momentum With improving labor market condi ons and a gradually improving local economy, spending within the County has already bounced back nicely from the recession. According to informa on from the State Board of Equaliza on, taxable sales in the County of Riverside as of the second quarter of 2014 were already 5.8% above the pre-recession peak set in the second quarter of More over, in the first half of 2014, taxable sales in Riverside County have con nued to move forward, having increased by 5.8% compared to the first half of 2013 spending levels. As of the second quarter of 2014, the region has seen gains across virtually every category of spending from autos to restaurants to hotels. Only the business and Industry category saw year-over-year declines. Riverside County Sales Tax Receipts by Category Category Q2-13 Q2-14 Growth (%) Total 75,594,602 80,780, Autos and Transporta on 11,839,343 13,168, Building and Construc on 7,403,024 8,082, Food and Drugs 4,238,344 4,543, Fuel and Service Sta ons 9,791,480 10,355, General Consumer Goods 16,908,268 17,851, Restaurants and Hotels 8,188,280 8,642, Business and Industry 10,042,565 9,975, Source: HdL Companies Infla on Remains Tame The personal consump on expenditure deflator, the Federal Reserve s primary indicator for infla on, rose by just 1.5% from the third quarter of 2013 to the third quarter of Even though monetary policy remains accommoda ve in the short term, the risk of infla on remains low given the current slack in the na onal labor market. Our long term outlook assumes that infla on will be in the 1.5% to 2.0% range in the la er years of our forecast. RCTC Revenue Forecast 5 December 2014

9 Summary Overall, the economy in Riverside County and throughout the Inland Empire con nues to improve as the region s labor market maintains upward momentum, the popula on con nues to grow, spending levels have bounced back from recession lows, and infla on is expected to remain low. Each of these factors should help to bolster taxable sales and subsequent RCTC revenues in the coming years as outlined in this report. With the worst definitely behind us, Riverside County has come a long way since the Great Recession and the local economy is poised for posi ve growth in the years to come. Riverside County Transporta on Commission Revenue Forecast Revenue Stream Actual Forecast FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Nominal Taxable Sales ($ 000s) 31,147,000,000 33,177,109,375 35,192,842,773 37,967,138,672 41,240,745,117 44,559,730,469 48,172,680,664 Growth(%) Measure A Tax 155,255, ,885, ,964, ,835, ,203, ,798, ,863,403 Growth(%) LTF Tax 76,375,798 82,942,773 87,982,107 94,917, ,101, ,399, ,431,702 Growth(%) Real Taxable Sales ($ 000s) 23,378,851,470 24,506,525,998 25,556,310,786 27,093,086,255 28,850,134,115 30,577,694,708 32,431,384,229 Growth(%) Measure A Tax 116,894, ,037, ,781, ,465, ,250, ,888, ,156,924 Growth(%) LTF Tax 58,447,129 61,001,302 63,890,777 67,732,715 72,125,336 76,444,236 81,078,462 Growth(%) Source: Forecast by Beacon Economics RCTC Revenue Forecast 6 December 2014

10 About Beacon Economics About Beacon Economics Beacon Economics, LLC is a leading provider of economic research, forecas ng, industry analysis, and data services. By delivering independent, rigorous analysis we give our clients the knowledge they need to make the right strategic decisions about investment, growth, revenue, and policy. Learn more at Services Economic, Revenue, & Occupa onal Forecas ng Economic Impact Analysis Regional Economic Analysis Economic Policy Analysis Real Estate Market Analysis Industry and Market Analysis EB-5 Economic Analysis Public Speaking Expert Tes mony Contacts Sherif Hanna Managing Partner (424) Victoria Pike Bond Director of Communica ons (415) Rick Smith Director of Business Development (858) RCTC Revenue Forecast 7 December 2014

Industry Intelligence Report. California s Housing Market Recovery and Home Foreclosure Trends

Industry Intelligence Report. California s Housing Market Recovery and Home Foreclosure Trends Industry Intelligence Report California s Housing Market Recovery and Home Foreclosure Trends This publica on was prepared by: Beacon Economics, LLC BEACON ECONOMICS Christopher Thornberg, Ph.D. Jordan

More information

Labor Day Report: Economic Recovery Eludes Many Michigan Families

Labor Day Report: Economic Recovery Eludes Many Michigan Families September 2015 Peter Ruark, Senior Policy Analyst Seema Singh, Policy Fellow Labor Day Report: Economic Recovery Eludes Many Michigan Families While Michigan s unemployment numbers have returned to pre-recession

More information

A Revenue Forecast The City of Hayward, California

A Revenue Forecast The City of Hayward, California Analysis. Answers Jordan G. Levine Economist and Director of Economic Research Beacon Economics A Revenue Forecast The City of Hayward, California December 17, 2013 Beacon Economics, LLC pg The Big Picture

More information

THE STATE OF THE ECONOMY

THE STATE OF THE ECONOMY THE STATE OF THE ECONOMY CARLY HARRISON Portland State University Following data revisions, the economy continues to grow steadily, but slowly, in line with expectations. Gross domestic product has increased,

More information

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation August 2014 Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation The exhibits below are updated to reflect the current economic outlook for factors that typically impact

More information

Economic Forecast OUTPUT AND EMPLOYMENT WHAT THE TABLE SHOWS:

Economic Forecast OUTPUT AND EMPLOYMENT WHAT THE TABLE SHOWS: Economic Forecast OUTPUT AND EMPLOYMENT 7 8 9 1 11 1 13 1 United States Real GDP $ billions (fourth quarter) $1,996 $1,575 $1,5 $1,9 $15, $15,5 $15,97 $16,6 % change over the four quarters 1.9% -.8% -.%.8%.%.%.%

More information

GENERAL FUND REVENUE REPORT & ECONOMIC OUTLOOK. January 2013 Barry Boardman, Ph.D. Fiscal Research Division North Carolina General Assembly

GENERAL FUND REVENUE REPORT & ECONOMIC OUTLOOK. January 2013 Barry Boardman, Ph.D. Fiscal Research Division North Carolina General Assembly GENERAL FUND REVENUE REPORT & ECONOMIC OUTLOOK January 2013 Barry Boardman, Ph.D. Fiscal Research Division North Carolina General Assembly Highlights General Fund revenue through December is $6.5 million

More information

Economic Forecast OUTPUT AND EMPLOYMENT WHAT THE TABLE SHOWS:

Economic Forecast OUTPUT AND EMPLOYMENT WHAT THE TABLE SHOWS: June, Economic Forecast OUTPUT AND EMPLOYMENT 7 8 9 5 United States Real GDP $ billions (fourth quarter) $,996 $,575 $,5 $,9 $5, $5,5 $5,9 $6,5 $7, % change over the four quarters.9% -.8% -.%.8%.%.%.6%.5%.8%

More information

Massachusetts Department of Revenue. Briefing Book FY2015 Consensus Revenue Estimate Hearing. December 11, 2013. Presented by: Amy Pitter COMMISSIONER

Massachusetts Department of Revenue. Briefing Book FY2015 Consensus Revenue Estimate Hearing. December 11, 2013. Presented by: Amy Pitter COMMISSIONER Massachusetts Department of Revenue Briefing Book FY2015 Consensus Revenue Estimate Hearing December 11, 2013 Presented by: Amy Pitter COMMISSIONER Kazim P. Ozyurt DIRECTOR OFFICE OF TAX POLICY ANALYSIS

More information

MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan

MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan Stronger Data Lead to Upward Revisions in Purchase Originations Forecast for 2015 and 2016 MBA Economic and Mortgage Finance Commentary: July

More information

US Economic Outlook. How long will the ride last? IHS ECONOMICS. US Outlook

US Economic Outlook. How long will the ride last? IHS ECONOMICS. US Outlook IHS ECONOMICS US Outlook US Economic Outlook How long will the ride last? December 2014 ihs.com Douglas Handler, IHS Chief US Economist, +1 781 301 9283, doug.handler@ihs.com US Economic Overview 2 Executive

More information

Economic Forecast OUTPUT AND EMPLOYMENT WHAT THE TABLE SHOWS:

Economic Forecast OUTPUT AND EMPLOYMENT WHAT THE TABLE SHOWS: Economic Forecast OUTPUT AND EMPLOYMENT 7 8 9 1 11 1 13 1 1 United States Real GDP $ billions (fourth quarter) $1,996 $1,7 $1, $1,9 $1, $1, $1,9 $16,1 $17,1 % change over the four quarters 1.9% -.8% -.%.8%.%.%.6%

More information

CURRENT ANALYSIS May 2014

CURRENT ANALYSIS May 2014 CURRENT ANALYSIS May 14 A Look at the Recovery of the Canadian Auto Sector since the 08-09 Recession Chart 1: Motor vehicle production and Canada & US auto sales millions of units 3. Canadian car & truck

More information

Advanced economies driving global growth. Monetary policy still expansionary but tapering

Advanced economies driving global growth. Monetary policy still expansionary but tapering April 22, 2014 Advanced economies driving global growth Monetary policy still expansionary but tapering Interest rates remain favorable Investors recalibrating their portfolios More certainty in fiscal

More information

On March 11, 2010, President Barack

On March 11, 2010, President Barack U.S. Department of Commerce International Trade Administration Introduction Exports Support American Jobs Updated measure will quantify progress as global economy recovers. On March 11, 21, President Barack

More information

San Bernardino County. Director,

San Bernardino County. Director, San Bernardino County invites applica ons for the posi on of: Director, Workforce development www.sbcounty.gov/hr The County Located in the heart of Southern California, the County of San Bernardino is

More information

New York State Employment Trends

New York State Employment Trends New York State Employment Trends August 2015 Thomas P. DiNapoli New York State Comptroller Prepared by the Office of Budget and Policy Analysis Additional copies of this report may be obtained from: Office

More information

Economic Review, April 2012

Economic Review, April 2012 Economic Review, April 2012 Author Name(s): Malindi Myers, Office for National Statistics Abstract This note provides some wider economic analysis to support the Statistical Bulletin relating to the latest

More information

The Economic Impact of Tourism in Ohio. May 2011

The Economic Impact of Tourism in Ohio. May 2011 The Economic Impact of Tourism in Ohio May 2011 Key themes for 2010 The Ohio visitor economy rebounded in 2010, recovering about 70% of the losses experienced during the recession Visitor volumes expanded

More information

2014 Kern County. Economic Forecast. California

2014 Kern County. Economic Forecast. California 214 Kern County Economic Forecast California Economic Forecast March 26, 214 Bakersfield, California The 214 Kern County Economic Forecast Volume 1 March 214 Prepared for: Kern Economic Development Corporation

More information

Estonia and the European Debt Crisis Juhan Parts

Estonia and the European Debt Crisis Juhan Parts Estonia and the European Debt Crisis Juhan Parts Estonia has had a quick recovery from the recent recession and its economy is in better shape than before the crisis. It is now much leaner and significantly

More information

Table of Contents. Long Range Financial Plan 28

Table of Contents. Long Range Financial Plan 28 Table of Contents Water and Wastewater Long Range Financial Plan 1 Introduction 2 Principles of Financial Sustainability 3 The LRFP is Dynamic Regular Updates Will Be Undertaken 4 Financial Metrics and

More information

A Strong Housing Recovery Fuels Growth

A Strong Housing Recovery Fuels Growth Chapman University A. Gary Anderson Center for Economic Research FOR RELEASE: ONLINE: June 12, 2013; 10:00 a.m. PRINT: June 13, 2013 CONTACT: James Doti, President and Donald Bren Distinguished Chair of

More information

Monthly Economic Dashboard

Monthly Economic Dashboard RETIREMENT INSTITUTE SM Economic perspective Monthly Economic Dashboard Modest acceleration in economic growth appears in store for 2016 as the inventory-caused soft patch ends, while monetary policy moves

More information

Economic Forecast OUTPUT AND EMPLOYMENT WHAT THE TABLE SHOWS:

Economic Forecast OUTPUT AND EMPLOYMENT WHAT THE TABLE SHOWS: Economic Forecast OUTPUT AND EMPLOYMENT 7 8 9 5 United States Real GDP $ billions (fourth quarter) $,996 $,575 $,5 $,9 $5, $5,5 $5,9 $6,5 $7, % change over the four quarters.9% -.8% -.%.8%.%.%.6%.5%.8%

More information

Forecasting Chinese Economy for the Years 2013-2014

Forecasting Chinese Economy for the Years 2013-2014 Forecasting Chinese Economy for the Years 2013-2014 Xuesong Li Professor of Economics Deputy Director of Institute of Quantitative & Technical Economics Chinese Academy of Social Sciences Email: xsli@cass.org.cn

More information

FIVE YEAR FINANCIAL PLAN FY 2016 FY 2020 CITY OF ALEXANDRIA, VIRGINIA

FIVE YEAR FINANCIAL PLAN FY 2016 FY 2020 CITY OF ALEXANDRIA, VIRGINIA FIVE YEAR FINANCIAL PLAN FY 2016 FY 2020 CITY OF ALEXANDRIA, VIRGINIA Table of Contents TABLE OF CONTENTS 1. Table of Contents 1.1 2. Introduc on 2.1 3. Execu ve Summary 3.1 4. Economic Posi on 4.1 5.

More information

The U.S. and Midwest Economy in 2016: Implications for Supply Chain Firms

The U.S. and Midwest Economy in 2016: Implications for Supply Chain Firms The U.S. and Midwest Economy in 2016: Implications for Supply Chain Firms Rick Mattoon Senior Economist and Economic Advisor Federal Reserve Bank of Chicago Right Place Supply Chain Management Conference

More information

2013 Economic and Revenue Forecast Update for the City of Omaha, Nebraska

2013 Economic and Revenue Forecast Update for the City of Omaha, Nebraska 2013 Economic and Revenue Forecast Update for the City of Omaha, Nebraska Kenneth A. Kriz Regents Distinguished Professor of Public Finance Director, Kansas Public Finance Center July 20, 2013 Background

More information

Small Business Valuations

Small Business Valuations Small Business Valuations Done Right Small Business Valuations We specialize in valuing small, owner-operated businesses with annual sales of less than $5 million. In fact, over 40% of our valua ons involve

More information

Economic Forecast OUTPUT AND EMPLOYMENT WHAT THE TABLE SHOWS:

Economic Forecast OUTPUT AND EMPLOYMENT WHAT THE TABLE SHOWS: Economic Forecast OUTPUT AND EMPLOYMENT 27 28 29 21 211 212 213 214 215 United States Real GDP $ billions (fourth quarter) $14,996 $14,575 $14,54 $14,942 $15,242 $15,54 $15,942 $16,51 $17,12 % change over

More information

Labour market outlook, spring 2015 SUMMARY

Labour market outlook, spring 2015 SUMMARY Labour market outlook, spring 2015 SUMMARY Ura 2015:4 Labour market outlook Spring 2015 Summary The next few years will be characterised both by continued improvements in job growth and more people entering

More information

Economic Forecast OUTPUT AND EMPLOYMENT WHAT THE TABLE SHOWS:

Economic Forecast OUTPUT AND EMPLOYMENT WHAT THE TABLE SHOWS: Economic Forecast OUTPUT AND EMPLOYMENT 7 8 9 1 11 1 13 1 15 United States Real GDP $ billions (fourth quarter) $1,996 $1,575 $1,5 $1,9 $15, $15,5 $15,9 $16,51 $17,1 % change over the four quarters 1.9%

More information

Medicare in a Skilled Nursing Facility: Latest News and Trends

Medicare in a Skilled Nursing Facility: Latest News and Trends Medicare in a Skilled Nursing Facility: Latest News and Trends Judy Wilhide Brandt JudyWilhide.com Par cipants will: Discuss the MDS 3.0 structural changes what is changing and why Familiarize themselves

More information

The Recession of 2007 2009

The Recession of 2007 2009 The Recession of 2007 2009 February 2012 A general slowdown in economic activity, a downturn in the business cycle, a reduction in the amount of goods and services produced and sold these are all characteristics

More information

Economic Forecast OUTPUT AND EMPLOYMENT WHAT THE TABLE SHOWS:

Economic Forecast OUTPUT AND EMPLOYMENT WHAT THE TABLE SHOWS: Economic Forecast OUTPUT AND EMPLOYMENT 7 8 9 1 11 1 1 1 15 United States Real GDP $ billions (fourth quarter) $1,996 $1,575 $1,5 $1,9 $15, $15,5 $15,9 $16,51 $17,1 % change over the four quarters 1.9%

More information

Florida AND ITS IMPACT ON. A collabora ve effort. State of Small Business Report. Center for Research and Economic Opportunity

Florida AND ITS IMPACT ON. A collabora ve effort. State of Small Business Report. Center for Research and Economic Opportunity SMALL BUSINESS AND ITS IMPACT ON Florida A collabora ve effort Center for Research and Economic Opportunity Small Business and Its Impact on Georgia, 1 State of Small Business Report Table of Contents

More information

Is the U.S. Economy Losing Its Dynamism? Dennis Lockhart President and Chief Executive Officer Federal Reserve Bank of Atlanta

Is the U.S. Economy Losing Its Dynamism? Dennis Lockhart President and Chief Executive Officer Federal Reserve Bank of Atlanta Is the U.S. Economy Losing Its Dynamism? Dennis Lockhart President and Chief Executive Officer Federal Reserve Bank of Atlanta Creative Leadership Summit Louise Blouin Foundation Metropolitan Club New

More information

Forecasts of Macroeconomic Developments, State Revenues from Taxes and Revenue from Other Sources, 2013-2014

Forecasts of Macroeconomic Developments, State Revenues from Taxes and Revenue from Other Sources, 2013-2014 Ministry of Finance Chief Economist - Research, State Revenue and International Affairs June 2013 Forecasts of Macroeconomic Developments, State Revenues from Taxes and Revenue from Other Sources, 2013-2014

More information

2016 & 2017 Economic Outlook for The US, CA & Bay Area

2016 & 2017 Economic Outlook for The US, CA & Bay Area 2016 We demand rigidly defined areas of doubt and uncertainty! Douglas Adams, The Hitchhiker's Guide to the Galaxy 2016 & 2017 Economic Outlook for The US, CA & Bay Area Jerry Nickelsburg Adjunct Professor

More information

Summary. Abbas P. Grammy 1 Professor of Economics California State University, Bakersfield

Summary. Abbas P. Grammy 1 Professor of Economics California State University, Bakersfield The State of the Economy: Kern County, California Summary Abbas P. Grammy 1 Professor of Economics California State University, Bakersfield Kern County households follow national trends. They turned less

More information

The President s Report to the Board of Directors

The President s Report to the Board of Directors The President s Report to the Board of Directors May 5, 2015 CURRENT ECONOMIC DEVELOPMENTS - May 5, 2015 Data released since your last Directors' meeting show that economic growth continued to slow in

More information

CREDIT UNION TRENDS REPORT

CREDIT UNION TRENDS REPORT CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics June 2 (April 2 data) Highlights During April, credit unions picked up 3, new memberships, credit union loan balances grew at an annualized 1.7% pace,

More information

You shouldn t use investments for savings or short term goals/expenses because of two primary reasons:

You shouldn t use investments for savings or short term goals/expenses because of two primary reasons: Advanced Level Saving money for future consump on is an important factor of your financial plan. You can save money in a savings tool (savings account at your depository ins tu on) or in an investment.

More information

MACROECONOMIC AND INDUSTRY ANALYSIS VALUATION PROCESS

MACROECONOMIC AND INDUSTRY ANALYSIS VALUATION PROCESS MACROECONOMIC AND INDUSTRY ANALYSIS VALUATION PROCESS BUSINESS ANALYSIS INTRODUCTION To determine a proper price for a firm s stock, security analyst must forecast the dividend & earnings that can be expected

More information

CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE CBO. An Update to the Budget and Economic Outlook: 2015 to 2025. Defense 2.7 3.3 2.2 2.

CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE CBO. An Update to the Budget and Economic Outlook: 2015 to 2025. Defense 2.7 3.3 2.2 2. CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE An Update to the Budget and Economic Outlook: 2015 to 2025 Percentage of GDP Major Health Care Programs Mandatory Spending Social Security Other

More information

Quarterly Economics Briefing

Quarterly Economics Briefing Quarterly Economics Briefing March June 2015 2016 Review of Current Conditions: The Economic Outlook and Its Impact on Workers Compensation The exhibits below are updated to reflect the current economic

More information

Economic Outlook for FY2005 and Basic Economic and Fiscal Management Measures

Economic Outlook for FY2005 and Basic Economic and Fiscal Management Measures Provisional Translation Economic Outlook for FY2005 and Basic Economic and Fiscal Management Measures December 20th, 2004 Cabinet Approval 1. Main Economic Indicators for FY2004 and FY2005 Gross domestic

More information

Jobs and Growth Effects of Tax Rate Reductions in Ohio

Jobs and Growth Effects of Tax Rate Reductions in Ohio Jobs and Growth Effects of Tax Rate Reductions in Ohio BY ALEX BRILL May 2014 This report was sponsored by American Freedom Builders, Inc., a 501(c)4 organization. The author is solely responsible for

More information

Eurozone. EY Eurozone Forecast September 2013

Eurozone. EY Eurozone Forecast September 2013 Eurozone EY Eurozone Forecast September 213 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Finland

More information

University Research Center Mississippi Institutions of Higher Learning

University Research Center Mississippi Institutions of Higher Learning An Economic Brief From the Mississippi Institutions of Higher Learning Raising the Minimum Wage in Mississippi: An Econometric Analysis By Pete Walley Director, Economic Development Planning Bureau March

More information

Table of Contents. A. Aggregate Jobs Effects...3. B. Jobs Effects of the Components of the Recovery Package...5. C. The Timing of Job Creation...

Table of Contents. A. Aggregate Jobs Effects...3. B. Jobs Effects of the Components of the Recovery Package...5. C. The Timing of Job Creation... 1 Table of Contents A. Aggregate Jobs Effects...3 B. Jobs Effects of the Components of the Recovery Package...5 C. The Timing of Job Creation...7 D. Breakdown by Industry...7 E. Effects on Different Demographic

More information

The Japanese economy?

The Japanese economy? The Japanese economy? Franz Waldenberger Japan Center and Munich School of Management --University Munich LMU waldenberger@bwl.lmu.de 1 Outline 2 1. GDP economic recovery 2. GDP per head two lost decades

More information

INFLATION REPORT PRESS CONFERENCE. Thursday 4 th February 2016. Opening remarks by the Governor

INFLATION REPORT PRESS CONFERENCE. Thursday 4 th February 2016. Opening remarks by the Governor INFLATION REPORT PRESS CONFERENCE Thursday 4 th February 2016 Opening remarks by the Governor Good afternoon. At its meeting yesterday, the Monetary Policy Committee (MPC) voted 9-0 to maintain Bank Rate

More information

Business Forecast Report

Business Forecast Report Business Forecast Report San Joaquin Valley 2013 Volume 2, Issue 2 California State University Stanislaus BUSINESS FORECAST REPORT 2013 San Joaquin Valley Midyear Update California State University Stanislaus

More information

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably

More information

UK Economic Forecast Q1 2015

UK Economic Forecast Q1 2015 UK Economic Forecast Q1 2015 David Kern, Chief Economist at the BCC The main purpose of the BCC Economic Forecast is to articulate a BCC view on economic topics that are relevant to our members, and to

More information

The Small Business Economy. Small and Medium Enterprises (SMEs)

The Small Business Economy. Small and Medium Enterprises (SMEs) The Small Business Economy Small and Medium Enterprises (SMEs) Seung Bach, Ph.D., Professor, College of Business Administration, Sacramento State Sanjay Varshney, Ph.D., CFA, Dean, College of Business

More information

The following text represents the notes on which Mr. Parry based his remarks. 1998: Issues in Monetary Policymaking

The following text represents the notes on which Mr. Parry based his remarks. 1998: Issues in Monetary Policymaking Phoenix Society of Financial Analysts and Arizona State University Business School ASU, Memorial Union - Ventana Room April 24, 1998, 12:30 PM Robert T. Parry, President, FRBSF The following text represents

More information

Review Tax Expenditures to Help Fix Michigan s Broken Revenue Stream M

Review Tax Expenditures to Help Fix Michigan s Broken Revenue Stream M May 2016 Rachel Richards, Legisla ve Coordinator Review Tax Expenditures to Help Fix Michigan s Broken Revenue Stream M ichigan has a budget problem, and simply put, exemp ons each year than we do in total

More information

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University

More information

Pentti Hakkarainen: Bank of Finland and its activities and the Finnish economic outlook

Pentti Hakkarainen: Bank of Finland and its activities and the Finnish economic outlook Pentti Hakkarainen: Bank of Finland and its activities and the Finnish economic outlook Speech by Mr Pentti Hakkarainen, Deputy Governor of the Bank of Finland, at the Honorary Consulars meeting, Helsinki,

More information

Women and Men in the Recovery: Where the Jobs Are Women Recover Jobs Lost in Recession in Year Five

Women and Men in the Recovery: Where the Jobs Are Women Recover Jobs Lost in Recession in Year Five IWPR #C426 November 2014 Women and Men in the Recovery: Where the Jobs Are Women Recover Jobs Lost in Recession in Year Five Heidi Hartmann, Ph.D., Elyse Shaw, and Rachel O Connor Overview While the number

More information

Striking it Richer: The Evolution of Top Incomes in the United States (Updated with 2009 and 2010 estimates)

Striking it Richer: The Evolution of Top Incomes in the United States (Updated with 2009 and 2010 estimates) Striking it Richer: The Evolution of Top Incomes in the United States (Updated with 2009 and 2010 estimates) Emmanuel Saez March 2, 2012 What s new for recent years? Great Recession 2007-2009 During the

More information

LEE BUSI N ESS SCHOOL SOUTHERN NEVADA QUARTERLY ECONOMIC FORECAST. Southern Nevada Economy to Continue Growth in 2014 and 2015

LEE BUSI N ESS SCHOOL SOUTHERN NEVADA QUARTERLY ECONOMIC FORECAST. Southern Nevada Economy to Continue Growth in 2014 and 2015 CENTER FOR BUSINESS & ECONOMIC RESEARCH LEE BUSI N ESS SCHOOL SOUTHERN NEVADA QUARTERLY ECONOMIC FORECAST Quarter 2 2014 Southern Nevada Economy to Continue Growth in 2014 and 2015 S ince the end of the

More information

13.8% Inflation-adjusted GDP (billions) Cumulative growth 2009 to Q3 2015. Exhibit 1 Steady U.S. Economic Growth After a Severe Recession $17,000

13.8% Inflation-adjusted GDP (billions) Cumulative growth 2009 to Q3 2015. Exhibit 1 Steady U.S. Economic Growth After a Severe Recession $17,000 Exhibit 1 Steady U.S. Economic Growth After a Severe Recession Inflation-adjusted GDP (billions) $17,000 $16,000 $15,000 $14,000 $13,000 13.8% Cumulative growth 2009 to Q3 2015 $12,000 $11,000 $10,000

More information

REPORT OF THE MAINE STATE REVENUE FORECASTING COMMITTEE

REPORT OF THE MAINE STATE REVENUE FORECASTING COMMITTEE REPORT OF THE MAINE STATE REVENUE FORECASTING COMMITTEE December 2013 Michael Allen, Chair Associate Commissioner for Tax Policy James Breece University of Maine System Melissa Gott State Budget Officer

More information

Why is California s Unemployment Rate so High and what does it Mean for the State s Economic Future?

Why is California s Unemployment Rate so High and what does it Mean for the State s Economic Future? September 2010 Why is California s Unemployment Rate so High and what does it Mean for the State s Economic Future? The state s unemployment rate is now nearly 3% higher than the national rate. In August

More information

Euro Zone s Economic Outlook and What it Means for the United States

Euro Zone s Economic Outlook and What it Means for the United States WELCOME TO THE WEBINAR WEBINAR LINK: HTTP://FRBATL.ADOBECONNECT.COM/ECONOMY/ DIAL-IN NUMBER (MUST USE FOR AUDIO): 855-377-2663 ACCESS CODE: 71032685 Euro Zone s Economic Outlook and What it Means for the

More information

Is U.S. Household Savings Rate Dangerously Low?

Is U.S. Household Savings Rate Dangerously Low? GLOBAL COMMENTARY July 22, 28 David Malpass 212-876-44 dmalpass@encimaglobal.com Is U.S. Household Savings Rate Dangerously Low? The front page of Sunday s New York Times highlighted the heavy household

More information

CANADA AND U.S. AUTO SALES: ROOM FOR FUR- THER GROWTH? October 2014. Factors supporting the U.S. sales outlook: Employment Growth

CANADA AND U.S. AUTO SALES: ROOM FOR FUR- THER GROWTH? October 2014. Factors supporting the U.S. sales outlook: Employment Growth 93619 CANADA AND U.S. AUTO SALES: ROOM FOR FUR- THER GROWTH? October 2014 Canadian and U.S. auto sales have strengthened significantly from recession lows. Canadian new motor vehicle sales have surprised

More information

STEVENS POINT-PLOVER AREA WAUSAU AREA AND MARSHFIELD AREA ECONOMIC INDICATORS

STEVENS POINT-PLOVER AREA WAUSAU AREA AND MARSHFIELD AREA ECONOMIC INDICATORS Central Bank & Trust Marshfield Area Chamber of Commerce Marshfield Economic Development Association STEVENS POINT-PLOVER AREA WAUSAU AREA AND MARSHFIELD AREA ECONOMIC INDICATORS 2nd Quarter Presented

More information

Employment Recovery in Urban Areas following the Great Recession

Employment Recovery in Urban Areas following the Great Recession Employment Recovery in Urban Areas following the Great Recession Ryan Howley Economist Bureau of Labor Statistics, Washington, DC Toby Paterson Economist Employment Security Department, Washington State

More information

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 U.S. stock market performance in 2012 * +12.59% total return +6.35%

More information

July 2013 King County Economic and Revenue Forecast

July 2013 King County Economic and Revenue Forecast July 2013 King County Economic and Revenue Forecast Briefing to the King County Forecast Council July 24 th, 2013 Dave Reich, Chief Economist Office of Economic and Financial Analysis Summary The U.S.

More information

CREDIT UNION TRENDS REPORT

CREDIT UNION TRENDS REPORT CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics December (October Data) Highlights During October, credit unions picked up 3, in new memberships, loan balances grew at a.% seasonallyadjusted annualized

More information

-17.7%, year-over-year +22.6%, month-over-month. ARMLS STAT - April 9, 2014 MONTHLY SALES ARMLS STAT APRIL 2014

-17.7%, year-over-year +22.6%, month-over-month. ARMLS STAT - April 9, 2014 MONTHLY SALES ARMLS STAT APRIL 2014 ARMLS STAT - April 9, 2014 MONTHLY SALES -17.7%, year-over-year +22.6%, month-over-month 1 Permission is granted to reprint with a ribu on to ARMLS COPYRIGHT 2014. NEW INVENTORY +8.8%, year-over-year +8.8%,

More information

Economic Outlook 2009/2010

Economic Outlook 2009/2010 Economic Outlook 29/21 s Twenty-Eighth Annual Forecast Luncheon Paul R. Portney Dean, Professor of Economics, and Halle Chair in Leadership Marshall J. Vest Director Economic and Business Research Center

More information

Fort McPherson. Atlanta, GA MSA. Drivers of Economic Growth February 2014. Prepared By: chmuraecon.com

Fort McPherson. Atlanta, GA MSA. Drivers of Economic Growth February 2014. Prepared By: chmuraecon.com Fort McPherson Atlanta, GA MSA Drivers of Economic Growth February 2014 Diversified and fast-growing economies are more stable and are less sensitive to external economic shocks. This report examines recent

More information

SAN DIEGO S ROAD TO RECOVERY

SAN DIEGO S ROAD TO RECOVERY SAN DIEGO S ROAD TO RECOVERY June 2012 Like all American cities, San Diego suffered from the 2008 financial crisis and ensuing recession. Gradual and positive trends in unemployment, real estate, tourism

More information

Kansas City Area Local Market Report, First Quarter 2015. Median Price (Red Line) and One-year Price Growth 2015 Q1. Local Price Trends.

Kansas City Area Local Market Report, First Quarter 2015. Median Price (Red Line) and One-year Price Growth 2015 Q1. Local Price Trends. Area Local Market Report, First Quarter 2015 Today's Market $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 Median Price (Red Line) and One-year Price Growth 2006 2007 2008

More information

ECONOMIC OVERVIEW. The National Outlook

ECONOMIC OVERVIEW. The National Outlook The Economic Overview portion of the Budget Forecast: FY2015-2024 provides important context for the various forecasts in this document and includes the following sections: The National Outlook o Employment

More information

Statement by. Janet L. Yellen. Chair. Board of Governors of the Federal Reserve System. before the. Committee on Financial Services

Statement by. Janet L. Yellen. Chair. Board of Governors of the Federal Reserve System. before the. Committee on Financial Services For release at 8:30 a.m. EST February 10, 2016 Statement by Janet L. Yellen Chair Board of Governors of the Federal Reserve System before the Committee on Financial Services U.S. House of Representatives

More information

Income and Expense Statement

Income and Expense Statement Income and Expense Statement Advanced Level Do you know where your money is coming from and where it is going? An Income and Expense Statement is an important financial management tool that summarizes

More information

Maryland s Job Growth Continues to Lag in 2014 State behind national growth rates for fourth consecutive year

Maryland s Job Growth Continues to Lag in 2014 State behind national growth rates for fourth consecutive year Maryland s Job Growth Continues to Lag in 2014 State behind national growth rates for fourth consecutive year Job growth in Maryland continued to lag the U.S. in 2014 for the fourth consecutive year. Moreover,

More information

Please note the Weekly Market Commentary will be on hiatus until January 5, 2014.

Please note the Weekly Market Commentary will be on hiatus until January 5, 2014. Weekly Market Commentary: December 16, 2013 Will 2014 Bring An End to Central Bank Intervention? Please note the Weekly Market Commentary will be on hiatus until January 5, 2014. Economic Data - Previous

More information

Background. Key points

Background. Key points Background Employment forecasts over the three years to March 2018 1 are presented in this report. These employment forecasts will inform the Ministry s advice relating to immigration priorities, and priority

More information

Statement to Parliamentary Committee

Statement to Parliamentary Committee Statement to Parliamentary Committee Opening Remarks by Mr Glenn Stevens, Governor, in testimony to the House of Representatives Standing Committee on Economics, Sydney, 14 August 2009. The Bank s Statement

More information

UK Economic Forecast Q3 2014

UK Economic Forecast Q3 2014 UK Economic Forecast Q3 2014 David Kern, Chief Economist at the BCC The main purpose of the BCC Economic Forecast is to articulate a BCC view on economic topics that are relevant to our members, and to

More information

Gloomy Days, But a Ray of Hope, for Oregon Workers

Gloomy Days, But a Ray of Hope, for Oregon Workers Executive Summary September 3, 2010 Gloomy Days, But a Ray of Hope, for Oregon Workers Labor Day is an appropriate moment to reflect on the state of Oregon workers. This year s holiday takes place as the

More information

Enough is Enough: Business Tax Cuts Fail to Grow Michigan s Economy, Hurt Budget

Enough is Enough: Business Tax Cuts Fail to Grow Michigan s Economy, Hurt Budget November 2015 Rachel Richards, Policy Analyst Alicia Guevara Warren, Kids Count Director Enough is Enough: Business Tax Cuts Fail to Grow Michigan s Economy, Hurt Budget C u ng business taxes has not been

More information

Executive Summary. 3 Attracting ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Executive Summary. 3 Attracting ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Visa Small Business REPORT AUGUST 0 Spend Insights Visa Small Business Spend Insights monitors the economic confidence of U.S. small business owners by analyzing Visa Business card spend data and responses

More information

Strong Employment Growth in Mountainland

Strong Employment Growth in Mountainland localinsightssummer mountainland 2015 An economic and labor market analysis of the Area mountainland Summit Wasatch Utah Juab In Depth: Construction's vital role in the economy. Strong Employment Growth

More information

Perspective. Economic and Market. Does a 2% 10-year U.S. Bond Yield Make Sense When...

Perspective. Economic and Market. Does a 2% 10-year U.S. Bond Yield Make Sense When... James W. Paulsen, Ph.D. Perspective Bringing you national and global economic trends for more than 30 years Economic and Market January 27, 2015 Does a 2% 10-year U.S. Bond Yield Make Sense When... For

More information

Salt Lake Housing Forecast

Salt Lake Housing Forecast 2015 Salt Lake Housing Forecast A Sustainable Housing Market By James Wood Director of the Bureau of Economic and Business Research Commissioned by the Salt Lake Board of REALTORS By year-end 2013 home

More information

Hispanic Immigration and US Economic Growth. James Gillula Managing Director

Hispanic Immigration and US Economic Growth. James Gillula Managing Director IHS economics Hispanic Immigration and US Economic Growth February 2015 ihs.com James Gillula Managing Director About IHS Economics IHS Economics is a global leader in economic analysis and forecasting.

More information

Franchise Business Economic Outlook for 2015

Franchise Business Economic Outlook for 2015 Franchise Business Economic Outlook for 2015 Prepared for: International Franchise Association Educational Foundation By: IHS Economics January 2015 About IHS Economics IHS Economics is one of the leading

More information

Report to the public on the Bank of Israel s discussions prior to deciding on. the interest rate for January 2015

Report to the public on the Bank of Israel s discussions prior to deciding on. the interest rate for January 2015 BANK OF ISRAEL Office of the Spokesperson and Economic Information January 12, 2015 Report to the public on the Bank of Israel s discussions prior to deciding on General the interest rate for January 2015

More information

Preparing for 2015 Housing Market Opportunities

Preparing for 2015 Housing Market Opportunities January U.S. Economic & Housing Market Outlook Preparing for 2015 Housing Market Opportunities As we enter 2015, the U.S. economy and housing markets are prepared for a robust start. Unlike one year ago,

More information