Harmen

A slower U.S economic recovery than forecast last July will temper revenue growth over the next two fiscal years. Multiple economic headwinds that developed in 2011 have yet to fully subside, as the European debt crisis continues to fester, oil prices again top $100 per barrel, and domestic political gridlock precludes federal fiscal and other policy measures that could accelerate the recovery. Although the Vermont economy continues to outperform the U.S. as a whole, minor revenue downgrades in all three… Read More »Official Vermont State Economic and Revenue Forecast January 2012

Mounting headwinds from higher oil prices, receding federal fiscal stimulus, manufacturing losses associated with the Japanese earthquake and tsunami, festering European sovereign debt crises, and political gridlock in Washington that threatens the nation’s financial integrity, have all conspired to stall the emerging recovery, bringing job growth to a virtual standstill and lowering projections of economic activity in FY12. Despite all this, the Vermont economy has generally outperformed the U.S. as a whole, and closed FY11 with tax revenues slightly above… Read More »Official Vermont State Economic and Revenue Forecast July 2011

A slower U.S economic recovery than forecast last July will temper revenue growth over the next two fiscal years. Multiple economic headwinds that developed in 2011 have yet to fully subside, as the European debt crisis continues to fester, oil prices again top $100 per barrel, and domestic political gridlock precludes federal fiscal and other policy measures that could accelerate the recovery. Although the Vermont economy continues to outperform the U.S. as a whole, minor revenue downgrades in all three… Read More »Official Vermont State Economic and Revenue Forecast January 2011

Total Vermont tax revenues in the first half of Fiscal Year 2007 were exceptionally close to July 2006 projections (within about one-tenth of one percent), as the economy decelerated much as expected. This was due in large part to an exceptionally orderly retreat – at least to date – in housing and real estate markets, and offsetting strength in service industries and international trade. Favorable energy price developments and restrained Federal Reserve Board interest rate hikes in the second half… Read More »Official Vermont State Economic and Revenue Forecast January 2007