Debt Consolidation Blog

Archive for the ‘US States’ Category

The state of Colorado has not enjoyed any economic improvement since the recession has begun and in fact, a recent study demonstrates that there have been only few job increases in the past year. Unfortunately the labor force continues to grow and has far outpaced the amount of available jobs.

The rapidly declining number of jobs in Colorado has many wondering whether the state will see any improvement in the coming years. For the present, things do not seem to be improving in terms of overall job growth. For the last decade, Colorado has steadily lost thousands of jobs causing the unemployment rate to increase to its current rate of 8.1%.  A total of 126.000 jobs were lost in December of 2007 and at the end of 2010, there were a total of 134,000 jobs lost overall. The profession that took the hardest hit was construction. Trade contractors who specialize in specific fields such as plumbers, electricians, and subcontractors lost the most employment opportunities and felt the reduction in jobs the most.

A study of Colorado’s economic status in relation to job growth and the labor force was performed by Colorado State University. According to a report released by the University, the labor force added over 300,000 people and the working age percentage of the population increased by over 575,000 people over the last decade. This rapid increase in the labor force has been sadly juxtaposed by the decline in available jobs to meet the high demand. Colorado State University economist Martin Sheilds, one of the report writers stated “The decade has been a really difficult one in Colorado. There was substantial growth in the labor force but not in jobs…In many ways, Colorado has lost a decade.

Not all areas of Colorado seem to have been affected by the dramatic decrease in jobs.  The Western slope of Colorado and central northern mountains created a combined total of 12,200 jobs during the last ten years. The amount of earnings per worker showed positive signs of improvement with an increase of 9.9 percent from the year 2000 until 2010. The Western Slope experienced the largest increase in earnings per worker as well as job growth. The boost in employment came in the areas of education, government, mining and healthcare. Other areas of Colorado however were not so lucky with a loss of 5,000 jobs on the Front Range alone.

According to the study, Colorado’s per capita income rank dropped to 16^th in 2009 from a ranking of 7^th in the year 2000, a large drop that is demonstrative of its lack of jobs in relation to the labor force. Despite the high rate of unemployment affecting the state of Colorado, the existence of a slight job growth in the Front Range area of the state may bode well for the state as a whole. With job surpluses in the healthcare and education sectors, there does appear to be a slight economic improvement. Whether this trend continues within Colorado State remains to be seen.

Articles on www.debtplan.org have been acquired from a variety of sources.  No content on this site should be considered financial or legal advice

The State of Tennessee has realized the correlation between personal financial literacy and the success of its economy. New personal finance classes are being offered that help improve financial education at an elementary school level. The addition of personal finance courses in early education has long been overlooked and has been a necessity for children and young adults to learn the rudiments of basic financial concepts. The correlation between financially literate adults and a prosperous economy is undeniable and efforts at the State level to provide this education is commendable.

Tennessee has implemented financial literacy training through a program called Jump Start.  The courses are offered within the public school system and completion of them is required for graduation. This initiative has a primary goal of educating Tennessee youth about basic financial concepts. Some of the topics covered by the course include simple but essential skills such as balancing a checkbook, managing debt, savings and investing, and completing a loan application. The literacy programs would be incorporated into traditional high school learning standards.

In addition to basic personal financial literacy skills the JumpStart program also aims to educate high school youth on the essentials of the free enterprise system. Some of the concepts taught include earning an income, spending and credit, money management, and saving and investing.  These educational courses are provided by a program through JumpStart. JumpStart is a non- profit national organization that was founded in late 1995. It is headquartered in Washington and consists of 49 affiliated state coalitions and their respective local partners that are in addition to the national coalition. Some of the states that participate in the JumpStart program do so under another name. Volunteers make up the majority of the workers in each state except for a few paid workers.

The TN State coalition of the JumpStart program passed a bill in 2006 that was signed by the Governor. The Bill requires a program of financial literacy instruction that mandates students to complete it in order to graduate on time. According to the Bill, the course was set to be implemented for the year 2009-2010 and would amount to .5 credit towards graduation.

Tennessee’s active involvement in the JumpStart coalition demonstrates their awareness of the importance of personal finance education. Mastering the financial skills necessary for later success in life is vital for personal success which in turn affects the economy of the State as a whole. Making the financial literacy course a graduation requirement ensures that the class is taken seriously. With sufficient financial education, today’s youth will be well equipped to make the financial decisions of the future that will impact both the State and national economy in a positive way.

Articles on this site have been acquired from a variety of sources.  No content on this site should be considered financial or legal advice

Recent cuts in federal spending will have a direct impact on the condition of the MD economy. Maryland, a state that relies heavily on federal spending to bolster its economy is now facing a harsh reality that may see many businesses suffer. The direct impact of the federal budget cuts may not come into effect immediately but when they do, it is sure to negatively impact the state as a whole.

Local Maryland businesses will be enormously affected by Federal budget cuts and many companies are preparing for the impending storm. Local businesses have begun placing freezes on hiring as well as performing their own budget cuts in an effort to lessen the blow. For many businesses it will feel as though the rug has been pulled out from under them as money they previously relied on slowly begins to dissipate. A plan has been set into motion for spending cuts that will occur over a ten year long period that will begin in the year 2013. The precautionary actions of these businesses are right in line with the advice of Washington economists. Jim Dinegar, the president of the Greater Washington Board of Trade was quoted as saying, “Businesses should start planning now to mitigate the effects once sweeping cuts take effect.”

The plan that will enact the budget cuts is set to occur in stages. The first cuts will eliminate $350 billion in defense spending over a ten year period. Subsequently, the next round of cuts could result in over 1.2 trillion dollars in the areas of defense spending. Although many of the budget cuts will be occurring in the area of defense spending, this is still an arena on which Maryland’s economy relies heavily. Aerospace companies such as Lockheed Martin and Northrop Grumman and many smaller defense companies provide quite a bit of revenue for the state of Maryland. For the year 2009 alone, the total amount of defense contracts totaled $18.5 billion.

The effect of the budget cuts will be felt by the population as a whole as Washington has been spending almost a quarter of a billion dollars in the State of Maryland alone. This figure amounts to roughly $15,000 annually for each man, woman and child that resides in Maryland and there is no way that spending cuts won’t filter down on a personal level for Maryland residents.  Richard Clinch, an economist who has been following the events in Maryland was quoted as saying “The out years of this deal are going to suppress growth in Maryland. We are going to have to live on our wits rather than federal spending.”

The future may seem grim in regards to the decline of federal money being pipelined to Maryland, however economists hope for additional jobs being added in the future. Until then, businesses remain careful of their spending and have limited their hiring for the time being. Whether all aspects of the proposed federal budget cuts become a reality is yet to be seen but in the meantime, Maryland residents should be aware that changes are coming in the years ahead.

Articles on www.debtplan.org have been acquired from a variety of sources. No content on this site should be considered financial or legal advice

The healthcare industry in Alaska has quickly become one of the fastest growing fields in the entire state. As other employment opportunities continue to stagnate and decline, the healthcare field has been steadily providing jobs for the Alaskan population. In fact the need for workers has increased and there is currently a deficit in the available workers to healthcare jobs in AK. Training programs are being developed to help fill the need for healthcare workers which will in turn work to further stimulate Alaska’s economy.

More than 9 percent of the jobs created in Alaska in 2010 were in the healthcare field. Some of these jobs include Certified Nurse Assistant, Licensed Practical Nurse, Physician’s Assistant, and many more positions in the healthcare field. The healthcare field was the fourth largest in 2010 with an estimated total of 31,800 jobs and a payroll that exceeded $1.53 billion. The rapidly growing field has offered many opportunities for workers displaced from other professions due to the recession. It has also provided opportunities for students deciding on a course of study. The sad reality is that in today’s sluggish economy many new graduates end up unemployed or working outside of their field. However with a major in a healthcare related field, opportunities for new college graduates abound in Alaska.

To help fill the need for the demand in healthcare workforce, there are many courses available to provide adequate training. The University of Alaska offers over 90 health programs in the areas of medical billing and coding, nursing, nurse practitioner, public and allied health, nutrition and dietetics and behavioral health. Other training programs are being offered at Alaska’s Institute of Technology (AVTEC) which is part of Alaska’s Department of Labor and Workforce Development. They offer an eight week Certified Nursing Assistant program and a 10 month Licensed Nurse Practitioner Program. This training is a vital part of filling the gap between available healthcare workers and the current demand.

For the past decade, the healthcare industry has created over 10,000 jobs. This has been a great help to an economy that has been hit hard because of the recession. With the healthcare field continuing to expand, there is an almost endless stream of available jobs in this sector. As the Alaskan population continues to grow, the demand for healthcare also increases. The Census of 2010 reported that the Alaskan population grew to more than 710,000 people, a significant 13 percent increase since the last Census of 2000 when the total population was 627,000.

With the demand for healthcare workers high, and educational institutions filling that need with appropriate courses, there should be a marked improvement in the employment rate within the Alaskan community. Although it may require that many people change course from previous interests and professions, at a time when jobs are scarce, the proliferation of healthcare positions provide much needed employment opportunities for Alaskan residents.

Articles on www.debtplan.org have been acquired from a variety of sources. No content on this site should be considered financial or legal advice

In comparison to the national unemployment rate that is at 8.6%, Iowa continues to reflect a low unemployment rate that has remained steady at 6.0%. The economy of IA is showing positive signs of improvement as the State continues to experience profitability in the manufacturing sector.

In October, the amount of unemployed Iowans dropped below 100,000 for the first time since November 2009. The seasonally adjusted unemployment rate was 6.0% for the month of October and has remained so for the past two month consistently. This may be due in part to the manufacturing sector of Iowa State which provides a large amount of employment opportunities to local residents.

Manufacturing is the number one industry in Iowa State and accounts for $28.3 million in profits. It has always been a large contributor to Iowa’s economy for decades past. As early as 1939, manufacturing jobs accounted for 30.4% of the employment in Iowa and paid the highest wages. The highest paying manufacturing firms were those that provided goods in relation to Iowa’s agricultural system. Currently, 4,100 manufacturers provide 206,000 Iowans with jobs and that number is set to increase. The state has created a tax friendly climate that encourages businesses in the manufacturing arena to move their headquarters to Iowa.  Manufacturers stationed in Iowa pay no property taxes or sales taxes on their machinery, computers, equipment or any electricity and natural gasses used in their business.

Alcoa Inc.’s Davenport Works Aluminum Plant is headquartered in Iowa and the company touts it as “one of the most advanced manufacturing plants in the world.” The plant even garnered a recent visit from President Obama who was making his case for improvements in manufacturing having a positive effect on the economy. The Alcoa plant produces high tech alloys which are used in aerospace technology for the production of light weight vehicles and aircrafts. The plant has also provided jobs for Iowa residents and has increased its staff by more than 2,200 people.

Debi Durham, director of Iowa Department of Economic Development has positive things to say about the manufacturing success that Iowa has been experiencing, she stated “Right now we’re seeing some really good numbers in manufacturing…not only in expansions that are occurring in growth and employment but also in some big capital-investment projects that are coming down the pipeline.” Iowa seems to be expanding in all factions of the manufacturing sector including advancements in the wind-power industry and aerospace.

As a result of Iowa’s large strides in the manufacturing arena and tax friendly atmosphere, many businesses are being drawn in. Just this past April, Valent BioSciences Corp. stated their plans to move their manufacturing plants to Osage, Iowa from Northern Chicago, Ill. The company plans to construct a fermentation factory on a 73 acre campus. The project is estimated at $150 million and the Valent Company states that the business endeavor is the ‘largest single investment of any company in the world to support the manufacturing of biorational products.’

Iowa’s low unemployment rate and successful manufacturing industry make it one of the most successful States in the nation.

Articles on www.debtplan.org have been acquired from a variety of sources. No content on this site should be considered financial or legal advice

New Hampshire’s economy has weathered the recession much more seamlessly than many other U.S. States; however there is still a far way to go to get back to pre-recession norms. The condition of NH economy continues to outpace the surrounding New England States and more jobs are predicted for the year 2013.

New Hampshire has experienced a sound economic climate for the majority of the recession. It’s seasonally adjusted unemployment rate for November of 2011 was reported at 5.2% which is an improvement from 5.7% one year ago. According to information provided by the New Hampshire Economic and Labor Market Information Bureau, the total number of unemployed state residents decreased by 1,020 over the course of November. The total amount of employed residents climbed to 707,960 which is an increase of 6,590 from last November 2010.

The amount of employed residents is increasing which is representative of a stabilizing economy. However some economists feel that New Hampshire is not yet ‘out of the water.’ Dennis Delay, the New Hampshire Forecast Manager for The New England Economic Partnership sated “Unemployment was little improved in the summer months of 2011, to about 5,000 jobs per year, half the pace seen in the months of June through August 2011. Any acceleration in private-sector job creation looks to be partially offset by public sector job losses.”

Although Delay concedes that the amount of job additions for the summer of 2011 were minimal, he predicts that more jobs should be added throughout 2013 and going into 2014. Delay stated that “At the current rate of growth New Hampshire will have regained all of the jobs lost in the Great Recession by the second quarter of 2013. New Hampshire is recovering faster than the surrounding New England States.” Delay’s statement confirms that even though job growth may be slow, the overall rate of economic growth is expanding and outpacing the rest of the nation in terms of total employment.

Data from the Fall Economic Outlook Conference of 2011 demonstrates that in addition to a low unemployment rate, New Hampshire is also experiencing an improving housing market. Statistics show that home prices have returned to the previous levels of 2000. However the amount of single family homes being sold is less than that of the year 2000. In addition, total activity in homes sold have been down 28% from the previous fall, but prices returning to normal remains a positive indicator for the future of New Hampshire’s real estate market.

Overall, New Hampshire’s economy has been performing well above average in comparison with the rest of the nation. A stabilizing housing market, low unemployment rate and a projected increase in employment opportunities for years 2013 and 2014 all bode well for the continued success of New Hampshire’s economic outlook.

Articles on www.debtplan.org have been acquired from a variety of sources. No content on this site should be considered financial or legal advice

Employment numbers from June of this year indicate that Wisconsin is responsible for almost half the jobs added throughout the nation. A strong job growth initiative enacted by Wisconsin’s governor has already resulted in employment opportunities increasing at a consistent rate. The University of Wisconsin has also been major contributors to the job supply and continue to bolster WI economic state for the better.

Wisconsin governor, Scott Walker, has made the addition of new jobs one of the primary focuses of his campaign. His focus has paid off as Wisconsin has reportedly added a total of 9,500 new jobs for the month of June 2011. The national job gain for that month was reported at 18,000 which demonstrates that Wisconsin’s job total accounts for over half of the national amount of jobs gained across all states. This is an impressive number that Wisconsin state officials hope is the beginning of an upward trend. Governor Scott Walker stated “We have made difficult decisions in our state but they are beginning to pay off…the national job figures remind us that we cannot rest after one month of good news; while there will be ups and downs along the way, we must help lead the nation to recovery.”

Jobs in the private sector have accounted for a large amount of the job growth reported statewide. There has been an increase of 1.7% total jobs in the private sector which is almost twice the national rate of 0.9%. The total amount of private sector jobs in the state of Wisconsin was 12,900 for the month of June alone. Many of these jobs are a direct result of the efforts of Governor Walker to make Wisconsin a more business friendly state. Scott Baumbach, the secretary for Department of Workforce Development in Wisconsin stated “Wisconsin has added 39,300 private sector jobs since Governor Walker declared Wisconsin open for business…Jobseekers and employers alike are reaping the economic benefits of the business friendly environment that Governor Walker is advancing, and we encourage jobseekers to keep pursuing these new employment opportunities.”

Many of Wisconsin’s jobs are also from its schools and Universities. A recent report released by the University of Wisconsin-Stout stated that the school was responsible for contributing more than $347 million a year towards the Wisconsin economy. It also stated that the University provided more than 7,096 jobs and a total state tax revenue of $18.3 million. The effect of the University’s impact on the economy is profound and direct spending by the student and faculty serve to stimulate the economy of Wisconsin even further.

Wisconsin is undoubtedly one of the highest performing states in the nation in terms of job production. Its contribution to more than half the jobs in the nation for the entire month of June is demonstrative of the strength of Wisconsin’s economy. Efforts from the Wisconsin Governor to increase jobs as well as direct contributions from State Universities have worked together to improve the availability of jobs throughout the state of Wisconsin and improve the economy for the better.

Articles on www.debtplan.org have been acquired from a variety of sources. No content on this site should be considered financial or legal advice

Jobs in the technology industry have been on the decline nationwide and the state of KS is no exception. Last year Kansas lost thousands of high tech jobs and saw a marked increases in their unemployment rates. However industry experts project that many of the job losses will be downplayed by an influx of new technology jobs that will be introduced in the near future.

According to a study released by TechAmerica Foundation, Kansas lost thousands of high-tech jobs last year. The total job loss amounted to 6,100 and left the total number of high-tech jobs at 49,600 making Kansas the 28^th state for high-tech employment.

The reasons for the job losses are unclear but the downturn in the economy has been a major factor. Kansas has not been the only state affected by a decline of jobs in the technological sector. A recent analysis of the U.S. high-tech industry entitled Cyberstates 2011 reported that Missouri lost a total of 4,600 jobs bringing its total of tech jobs remaining to 89,000. According to the report, Missouri ranked 19^th out of all the states for most high-tech jobs.

Although the job losses were drastic, researchers project that new jobs in the technology field will soon be added to replace those that were lost.  Ed Longanecker, the executive director and regional vice president for TechAmerica stated ”Kansas followed the trend of most states in 2010 by losing tech jobs, but we believe there is reason for optimism that job growth will return going forward.” According to TechAmerica’s report earlier this year, the tech industry added 115,000 jobs across the nation. The report, based on information from the U.S. Bureau of Labor and Statistics, shows a positive trend in the technological sector with new jobs being added at a steady rate.

Unfortunately technology isn’t the only area in which Kansas is losing jobs. The amount of hospitality jobs has been steadily decreasing from the years 2006 to 2011. The total amount of hospitality jobs lost overall was 2,400 which show a decline of close to 2.1 percent. This data was also gleaned from a report published by the U.S. Bureau of Labor and Statistics. The hospitality sector includes jobs from hotels, motels, performing arts companies, casinos, bars, restaurants and professional sports teams. On the upside, the report demonstrated that in Wichita, the travel industry showed a one percent increase in the travel sector with a rise in hotel occupancy as well as increased airline travel.

Despite the loss of jobs in the technology and hospitality sectors, the economy of Kansas is still making slow and steady progress. Jobs in the technology department nationwide are slowly being added and hopefully Kansas will be able to take advantage of this recent activity. In addition the increase in economic revenue in the travel industries bode well for the economy of the state as a whole. Progress is slow but overtime, the rate of unemployment will decrease as the economy recovers.

Articles on www.debtplan.org have been acquired from a variety of sources. No content on this site should be considered financial or legal advice

Despite the tumultuous events that left Louisiana’s economy in disarray, there have been marked improvements in recent years. Jobs are slated to increase while the economic outlook as a whole is improving. However, proposed budget cuts to Medicaid funding will have a detrimental effect on the state’s economy. These budget cuts will also affect the revenue of state hospitals which will be directly impacted by cuts to Medicaid funding.

The overall economy of LA has been showing positive signs of improvement. One such success was the acquisition of the major steel plant in southern Louisiana. Additionally, in Northwest Louisiana, drilling in the region of Hayensville Shale provided the state with a dramatic economic spurt in the year 2010. The specific parishes most positively affected were Red River and DeSoto which leased public land for the drilling and reaped the resulting tax revenues.

Despite these positive events which have increased Louisiana’s economic output, there are proposed cuts to Medicaid funding that would negatively impact the State’s economy by reducing hospital revenue. According to a report from the Louisiana Hospital Association (LHA); hospitals throughout Louisiana State employ a combined total of over 99,350 people and contributes 4.4 billion in payroll throughout the year. The report goes into detailed numbers explaining how the economic contributions of hospitals to the state would be negatively affected by proposed Medicaid budget cuts. According to their analysis budget cuts would terminate approximately 6,764 jobs and result in a reduction of $258 million in earnings throughout the state.

The LHA president and CEO, John Matessino stated “People often do not realize that hospitals are huge contributors to our economy, even during economic recession…every dollar spent by a hospital supports 95 cents of additional business activity, and each hospital job supports approximately 1.4 additional jobs.” These benefits would be reduced by budget decreases proposed in President Obama’s deficit plan. The budget cuts affect both Medicare and Medicaid alike.

Hospitals would be impacted severely because they rely heavily on government funding. The majority of patients use Medicaid and Medicare for their insurance needs and to cover the costs of medical care. With a reduction in federal funds, hospitals would see their revenue reduced. The contribution of hospitals in Louisiana reaches outside of the medical sector as new construction taking place in hospitals averaged $903.7 million. This resulted in an increase of more than 15,717 new jobs.

The changes proposed in Obama’s deficit plan have yet to be enacted and only time will tell exactly how the economy will be most affected. The changes in President Obama’s healthcare reform may work to counteract the need for heavy reliance on Medicaid and other federal funds. For now, the economic state of Louisiana continues to improve with new employment projections looking positive for the coming years showing 3,100 jobs for 2011 and 7,500 jobs for 2012.

Articles on www.debtplan.org have been acquired from a variety of sources.  No content on this site should be considered financial or legal advice

The University of New Mexico has proven itself to be an indispensable asset to the state’s economy. A recent report exhibits data that supports this finding. As the economy of NM continues to show positive signs of improvement, the University remains a strong economic contributor and will continue to do so for years to come.

The University of New Mexico (UNM) recently released a report through their Bureau of Business and Economic Research which measured it’s impact on the overall economy of New Mexico. The results were staggering and showed that the university generated $1.1 billion in out of state revenue for the 2010 fiscal year. Julia Fulghum, the UNM Vice President for research and economic development commissioned the report earlier last year. The report backs findings that UNM contributes greatly to the local state’s economy and as such should receive continued financial funding.

In addition to the revenue UNM produces, its real impact on the New Mexico economy is the dollars it funnels back into local state commercial activity. UNM campuses spend roughly 70 percent of out of state funds on things that directly impact the New Mexico economy. Doleswar Bhandari, an economist at the UNM Bureau of Business and Economic Development, who put together the report stated “there is direct spending on employee compensation, purchases and construction…Because of that employees buy stuff from the market and pay their rent. The vendors also have to purchase from other suppliers and it introduces a kind of ripple effect into the economy.

It is clear that the university’s effect is far reaching throughout the New Mexico economy. In addition to the University’s spending that is distributed through the purchases of its students and employees, the university also serves to provide much needed employment which is a direct stimulator of the economy. According to the report, UNM provided more than 25,000 jobs which amounts to roughly 2.3 percent of the state’s salaried jobs. Bhandari stated “If there is no UNM, that money might be spent somewhere else in creating jobs and other economic opportunities…That’s why we don’t consider the local dollars. The New Mexico economy is facing a challenging situation and the University provides stable jobs. Those are not fluctuating over time.”

The University of New Mexico has proved to be a vital asset to the local New Mexico economy. The report released by the BBER demonstrated that there is a stimulation in spending at the local and community levels that is directly related to revenue from the university. As Lee Reynis, the director of BBER stated, “What is not always appreciated is how UNM is able to leverage this state appropriation and other state and local revenues to bring millions of dollars into this state that support additional economic activity.” The hope is that investors and supporters will become aware of the importance of UNM to New Mexico’s economic success and continue to provide them which much needed funding,

Articles on this site have been acquired from a variety of sources.  No content on this site should be considered financial or legal advice