Economic uncertainty – across the globe and in our neighborhoods – has become commonplace early in 2019. Although our state has enjoyed nation-leading job and income growth, the murmurs of concern have mounted in many corners. As often as we hear announcements of new jobs, new stores, manufacturing plants, and restaurants, we hear that consumers and employers are losing confidence. Retail sales were down last December.
Economists are revising their 2019 forecasts, saying growth is slowing. Nearly half of the nation’s business economists anticipate a recession by the end of next year.
Expectations drive budgets, for families, businesses, and governments. The mechanics are simple. How much money do we think we’ll have? What are our spending commitments? Our priorities? What can we do without? How much should we hold back for emergencies?
Over the last ten years, state spending has grown 44 percent. And revenue growth in our state has been among the strongest in the nation. Yet, many lawmakers are now calling for new taxes and higher spending.
Against this backdrop, we want to know your thoughts on the state economy. Do you expect continued growth? Are we headed for a slowdown?