Today's trend story | Arkansas Blog

Saturday, April 7, 2007

Today's trend story

Posted By on Sat, Apr 7, 2007 at 4:58 PM

This slowdown hasn't occurred in Arkansas yet, but we are not exactly an island. This year's moneyfest at the legislature may not soon be repeated. From the NY Times:

State tax revenues around the country are growing far more slowly this year and in some cases falling below projections, a result of the housing market slowdown that has curbed voracious spending on real estate, building materials, furniture and other items.

Nowhere is the downturn more apparent than in Florida, where tax revenue is projected to drop this year for the first time since the energy crisis of the 1970s.

But other states, especially those where housing prices soared in recent years, are also seeing their collections slow, especially in the sales and real estate transfer tax categories. While the economy remains generally strong and it is too early to predict whether the housing slump will have long-term effects, some states will have to adjust their wish lists.

 

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