Riding the revenue roller coaster: recent trends in state government finance
The fall in state tax revenue during the current recession and the one in 2001 highlights an increase in the variability of this source of revenue that has been observed over the past two decades or so. But states have sources of revenue other than taxes. However, while providing a relatively constant portion of total revenue over the past several years, these sources have generally not damped variability in state revenue arising from variability in taxes. Consequently, variation in state tax revenue remains an important issue for state government finances. In this article, Tim Schiller looks ...
Human capital and higher education: how does our region fare?
The number of people in a given state or region with a college education varies across the nation. States in the Third Federal Reserve District (Pennsylvania, New Jersey, and Delaware) compare favorably with the nation on measures of college education and the three states as a whole are close to the national average. Despite its average ranking in educational attainment, the area is a premier location for colleges and universities. In ?Human Capital and Higher Education: How Does Our Region Fare?? Tim Schiller evaluates the region?s standing with respect to college education by reviewing data ...
After the baby boom: population trends and the labor force of the future
Tim Schiller examines how the U.S. and the Third District labor force will change as the baby boomers start to retire in large numbers and women?s participation in the workforce levels off. These and other demographic shifts will affect the supply and demand for workers among different industries and occupations, potentially leading to shortages of workers in areas projected to grow, such as education and health care. Nationally, the average age of the work force will increase, its growth will slow, and its composition will be more diverse, and these factors will likely have a particular ...
Regional trends in federal government spending
State governments, congressional delegations, and regional associations regularly examine federal expenditures to see how their state or region is faring in the distribution of federal monies. Although these groups often look at changes in the patterns of annual spending, a long-term perspective reveals how demographic trends and shifting priorities drive year-to-year changes in spending in the states. In this article, Tim Schiller takes that long-term perspective by looking at the decade from 1986 to 1996 and outlining what regional shifts in federal spending took place and why
From laboratory to market: the biotechnology industry in the Third District
In "From Laboratory to Market: The Biotechnology Industry in the Third District," Tim Schiller describes major biotechnology products and reviews estimates of the industry's size and scope. He also outlines where the industry is most active in the United States, especially in the Third District states of Pennsylvania, New Jersey, and Delaware.
Rewiring the system: the changing structure of the electric power industry.
In the United States, significant changes have taken place in the structure of electricity markets. Twenty-three states, including Pennsylvania, New Jersey, and Delaware, have changed or will be changing their laws to allow consumers to switch electricity suppliers. In some states, millions of consumers have already switched. What brought about the deregulation of an industry previously considered a "natural monopoly"? In "Rewiring the System: The Changing Structure of the Electric Power Industry," Tim Schiller describes the changes in law and the developments in economic theory that ...
Housing: boom or bubble?
In recent years, the U.S. has seen an extraordinary increase in demand for housing and a rapid rise in house prices. Data show that nationally, the average price of an existing home, adjusted for inflation, rose more than 8 percent in 2004 and 2005, a faster pace than in any previous year. Some people have questioned whether this rapid rise was sustainable, and recent declines in the housing market have made this question more urgent. In "Housing: Boom or Bubble?," Tim Schiller asks whether there was a so-called bubble in house prices or whether fundamental economic factors explain the ...
The travel market in the United States and the Third District
How much economic activity does travel generate? How many jobs does the travel industry create? And how do the Third District states?Pennsylvania, New Jersey, and Delaware?stack up in terms of travel-related spending? Tim Schiller takes a look at these questions and discusses the importance of travel and tourism to the local and national economy
Agriculture in the Third District: fertile fields outside the farm belt
Although not part of the nation's agricultural heartland, the three states of the Third Federal Reserve District (Pennsylvania, New Jersey, and Delaware) nonetheless supply a significant percentage of some commodities. In some parts of the region, agriculture is a significant part of the local economy. In this article, Tim Schiller looks at the contributions the three states make to the nation's agricultural bounty.
State tax revenue in the Third District