Rich State Poor State 2014 7/10/15

Posted on July 10, 2015 by markinaustin

State

Dollars (millions)

Ratio to GSP

Revenue

Spending

Net

Revenue

Spending

Net

Alabama

23,789

61,806

-38,016

11.9%

31.0%

-19.1%

Alaska

5,449

7,502

-2,052

9.5%

13.1%

-3.6%

Arizona

40,530

58,723

-18,193

14.3%

20.7%

-6.4%

Arkansas

30,729

20,447

10,282

25.3%

16.8%

8.5%

California

369,193

236,560

132,633

16.0%

10.2%

5.7%

Colorado

52,003

35,559

16,444

17.0%

11.6%

5.4%

Connecticut

57,697

64,994

-7,296

22.8%

25.7%

-2.9%

Delaware

19,040

6,105

12,935

30.3%

9.7%

20.6%

District of Columbia

26,433

26,551

-118

22.9%

23.0%

-0.1%

Florida

154,353

150,037

4,316

18.4%

17.9%

0.5%

Georgia

79,566

55,473

24,093

16.7%

11.6%

5.1%

Hawaii

7,723

10,706

-2,983

10.0%

13.8%

-3.9%

Idaho

9,224

10,924

-1,700

14.4%

17.1%

-2.7%

Illinois

148,332

70,118

78,215

19.9%

9.4%

10.5%

Indiana

54,607

106,579

-51,973

17.2%

33.5%

-16.4%

Iowa

22,309

19,434

2,875

13.1%

11.4%

1.7%

Kansas

25,897

14,729

11,168

17.6%

10.0%

7.6%

Kentucky

30,128

71,522

-41,394

16.0%

37.9%

-21.9%

Louisiana

43,023

29,411

13,612

17.1%

11.7%

5.4%

Maine

6,902

10,525

-3,624

12.4%

18.8%

-6.5%

Maryland

59,614

62,445

-2,831

17.1%

17.9%

-0.8%

Massachusetts

100,161

68,024

32,137

21.8%

14.8%

7.0%

Michigan

71,184

69,061

2,123

15.8%

15.3%

0.5%

Minnesota

96,227

59,213

37,014

30.4%

18.7%

11.7%

Mississippi

11,011

21,879

-10,867

10.5%

20.9%

-10.4%

Missouri

61,512

44,587

16,925

21.6%

15.7%

5.9%

Montana

5,338

7,248

-1,910

12.1%

16.4%

-4.3%

Nebraska

23,885

11,335

12,550

21.3%

10.1%

11.2%

Nevada

16,579

14,629

1,949

12.6%

11.1%

1.5%

New Hampshire

11,044

8,513

2,531

15.4%

11.9%

3.5%

New Jersey

134,870

55,998

78,872

24.6%

10.2%

14.4%

New Mexico

8,758

21,212

-12,454

9.4%

22.8%

-13.4%

New York

250,618

145,994

104,624

17.8%

10.4%

7.4%

North Carolina

72,472

59,945

12,527

15.0%

12.4%

2.6%

North Dakota

7,585

56,969

-49,384

13.8%

103.3%

-89.6%

Ohio

129,901

73,441

56,460

22.3%

12.6%

9.7%

Oklahoma

32,611

25,341

7,270

17.8%

13.8%

4.0%

Oregon

28,409

28,482

-72

13.2%

13.2%

0.0%

Pennsylvania

126,374

182,015

-55,640

19.1%

27.5%

-8.4%

Rhode Island

13,888

8,373

5,514

25.3%

15.2%

10.0%

South Carolina

22,242

73,069

-50,827

11.7%

38.4%

-26.7%

South Dakota

6,734

6,033

700

14.7%

13.2%

1.5%

Tennessee

56,937

72,691

-15,755

18.9%

24.2%

-5.2%

Texas

265,336

147,338

117,998

16.1%

8.9%

7.2%

Utah

18,389

13,459

4,930

13.0%

9.5%

3.5%

Vermont

4,325

4,688

-363

14.6%

15.8%

-1.2%

Virginia

75,049

92,321

-17,272

16.2%

19.9%

-3.7%

Washington

67,813

51,083

16,730

15.9%

12.0%

3.9%

West Virginia

6,885

14,611

-7,726

9.1%

19.4%

-10.3%

Wisconsin

49,592

78,632

-29,040

16.9%

26.8%

-9.9%

Wyoming

4,892

3,560

1,331

11.1%

8.1%

3.0%

Total

3,047,160

2,649,893

397,267

17.6%

15.3%

2.3%

Filed under: Open Thread | 12 Comments »

Morning Report: Mansions pile up in Greenwich 7/10/14

Posted on July 10, 2015 by Brent Nyitray

Markets are higher as Greece proposed a new package of spending cuts, reform, and tax increases in exchange for a new bailout. Chinese stocks rose overnight for the biggest 2-day gain since 2008. Bonds and MBS are down.

It looks like we are close to a deal to give Greece another bailout. Greece has proposed to more or less adopt the creditors’ proposals on sales and corporate tax rates. Pensions also got trimmed and the savings are more or less in line with that the creditors have wanted all along. Greece has capitulated and it looks like they will stay in the EU.

Janet Yellen will be speaking at 12:30 EST. Traders will be listening for comments regarding China and whether the melt-down there will cause the Fed to hold off raising rates.

Everywhere it seems like there is a shortage of real estate for sale. The exception is the uber-high end, especially in NYC suburbs like Greenwich, CT. At the current pace of sales, it would take 4.9 years to absorb the current inventory. Compare this to the NAR’s estimate of about 5 months nationally. IMO, there is an additional factor here – Wall Street salaries have been eroded over time as hedge funds consolidate, sales and trading jobs vanish and proprietary trading goes away. If the Chinese government orders their rich to repatriate their assets to support domestic markets, we could see more inventory in the big cities. Even if their government does not order them to repatriate, there is almost no doubt that the slowdown will affect their appetite for new properties.

Filed under: Morning Report | 19 Comments »