The fiscal condition of the New England states: an update
In 1999, New England Economic Indicators published an article detailing the fiscal condition of the New England states. At that time, all six states were experiencing double-digit revenue growth, spearheaded by soaring personal income tax receipts. Flush with cash, states were able to fund myriad programs, capitalize rainy day funds, and enact widespread tax cuts. The article concluded, quite correctly, that "all in all, the fiscal condition of the New England states remains strong." And remain strong it did through FY2000 and FY2001. In FY2002, the states' fortunes changed.
The economy and markets.
Presented by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the National Association of Industrial and Office Properties/ Boston Business Journal 2008 Business Conference
New England states are facing their worst fiscal crises in at least a decade. General revenues, especially those from the personal income tax, fell sharply in every New England state except New Hampshire in FY2002. All six states closed the fiscal year with deficits. Although preliminary reports suggest that FY2003 revenue collections in some states may be up from last year, deficits are still expected throughout the region. In response, all six states are cutting expenditures, drawing down reserve accounts, and/or raising taxes and fees.
An overview of New England's economic performance in 2008
Like most of the nation, New England suffered economically in 2008. Job losses, rising unemployment, and slumping real estate markets were all factors in one of the worst years for the region?s economy. Nevertheless, while the recession certainly took its toll, it did not affect New England as much as it did the nation as a whole.
New England approaches the 1990s
The economic performance of the New England states in 2003: an overview
Burdened by the poor performances of the labor markets in Connecticut and Massachusetts, the New England region lost jobs for the third year in a row. The region lost jobs in nearly all major industries and added jobs in only two: leisure & hospitality and education & health services. Even with an unemployment rate that rose, New England had a lower rate of joblessness than most other Census divisions and the nation overall. Demand for residential real estate remained strong, as home prices soared at above-average rates. Consumer price inflation persisted at a higher rate in the region than ...
Is New England's fiscal crisis abating?
Here in New England, the potential for deficits in the current and next fiscal years, though not nil, is significantly reduced compared with recent years.
An overview of New England's economic performance in 2007
New England?s economy showed bright signs of growth in 2007, but residential real estate cast a shadow. Job growth was moderate and on par with that of the nation, but the region fared better with an unemployment rate lower than the national average. Exports from the region rose in value, but at a lesser pace than seen in the nation. Although the region remained the richest in per capita income, growth in total personal income in New England was slower than in the nation. Declining home prices, a significant reduction in housing permits, and spikes in foreclosures rounded out a generally ...
Remarks at a forum on opportunities and challenges facing New England's smaller industrial cities
Keynote remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the Collaboration and Leadership in Smaller Industrial Cities forum, Clark University, Worcester, Massachusetts, July 13, 2011