Economic strengthening in 2011 signals improved government budgets
The following excerpts are from the 2011 Keating Report, which includes analysis of federal, state, and local government spending, as well as an in-depth look at public works and government construction spending.
A lot of signs point to a stronger economy, including growing consumer confidence, higher sales at domestic car and truck makers, record-breaking corporate profits and higher tax revenues, according to the “Keating Report” from American City & County’s sister publication “Government Product News.”
One expert who sees growing tax receipts is Steven Latin-Kasper, market data and research director at the Farmington Hills, Mich.-based National Truck Equipment Association. “The economy’s coming around at this point, and as incomes rise and as profits rise at companies, which is happening now, obviously the taxes they pay will rise as well. So, state and local governments aren’t going to get back to their 2007 budget levels anytime soon, but they will have more to spend in 2011 than they did 2010,” says Latin-Kasper.
Read the entire story from Government Product News, our sister publication.
