US states inch closer to pre-recession prosperity
US states inch closer to pre-recession prosperity
Dec 14 (Reuters) - U.S. states are coming close to the end of a three-year trek back to the financial prosperity they enjoyed before the recession, according to a survey released on Friday that found the recovery is slow and uneven.
The National Association of State Budget Officers and National Governors Association found that total state spending will likely rise 2.2 percent this fiscal year from last, while general fund revenues grow 3.9 percent to $692.8 billion.
Meanwhile, states' primary tax sources will likely rise in fiscal 2013, with personal income tax collections projected to increase 5.5 percent and sales tax collections 2.8 percent. For most states, fiscal 2013 began on July 1.
"The direction is encouraging, but it's still very slow growth," said NGA Executive Director Dan Crippen. "We would despair if it were going down, but we aren't dancing in the streets because it's going up modestly."
Average revenue growth over the past 35 years of the survey has been 5.6 percent, and fiscal 2012's increase in revenue was 3.4 percent.
http://www.reuters.com/article/2012/12/14/usa-states-budgets-idUSL1E8NDC6U20121214
= new reply since forum marked as read
