A new report from the Center on Budget and Policy Priorities highlights the increasingly precarious fiscal situation faced by state governments confronting the ongoing economic downturn. According to CBPP, "at least 44 states faced or are facing shortfalls in their budgets for this and/or next year, and severe fiscal problems are highly likely to continue into the following year as well." read more »
On Monday, Creighton University's Economic Forecasting Group released the latest installment of the Mid-America Economic Survey. The survey of supply managers in nine plains states has been conducted monthly since 1994 to "produce leading economic indicators of the Mid-America economy." The survey provides a snapshot of economic activity in the states of Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota. read more »
Last week, Bismarck, ND was host to the second annual Great Plains Energy Expo and Showcase. Hosted by Bismarck State College and Senator Byron Dorgan, the conference focused on North Dakota's growing energy industry, including the wind energy sector, with presenters such as T. Boone Pickens discussing the opportunities and challenges facing the industry. read more »
While the decline in housing prices in America has been making news for some time now, less attention has been paid on this side of the Atlantic to the downturn in European housing. The housing market in Europe, much like that of the United States, "soared during the first half of this decade, rising far beyond the levels that you'd expect, based on traditional economic factors." read more »
2007 was a good year for rural America. Driven by "bumper crops, strong demand, and high prices" in commodity markets, farmers across the United States enjoyed an "exceptional year". Strong conditions continued into the first half of 2008, spurring farmers to increase "purchases of capital equipment and household consumption," and fueling "double-digit percentage gains in cropland values," in many areas of the nation. read more »
Talk of bailing out US automakers has dominated the news recently, and we all know that means Michigan. Michigan is home to roughly a quarter of the country's auto manufacturing jobs, and the industry is in rapid decline there and in Ohio, but the state of automaking employment in the rest of the country may surprise you. read more »
Even before the Wall Street meltdown, the New York area was going through its own de-clustering. No it hasn't - and probably never will - become a multi polar area in the style of Los Angeles, Houston or Phoenix, but the trend to deconcentrate jobs has been inexorable over the last thirty years, according to a new report by our friends at the Center for an Urban Future.
The report states: read more »
Lost amidst headlines of bank nationalization, credit market woes, and a worldwide equities rout, was news that the Baltic Dry Index, an index seen as a measure of world trade flows and future economic activity, has been in freefall this week. A drop of 8% on Tuesday was bookended by drops of around 11% on both Monday and Wednesday.
After several days in New York, I encountered serious climate change in terms of atmosphere at a USA-Canada Summit in Grand Forks, ND. Sure people were concerned about the market meltdown, but the talk was all of new plans for expanding the economy across both sides of the border. The distressed martinis of Manhattan nights were gone in a place where drinks also came with good cheer. read more »
The late Jesse Unruh, longtime speaker of the California Assembly, was a giant of a man, both in accomplishment and girth. But he will be forever remembered for having said that “Money is the mother’s milk of politics”. read more »