Home prices are soaring in metropolitan Phoenix. Yet for local governments that depend on property taxes, the bottom of the market has just arrived.
Massachusetts scaling back a bond offer by 40 percent this week shows how states are failing to win over investors even as governments add debt at the slowest rate in 20 years and rake in the most revenue since 2007.
State income-tax collections in the first quarter were the strongest since the start of the recession in 2007, according to a report by the Nelson A. Rockefeller Institute of Government.
The riskiest debt in the $3.7 trillion municipal market is on pace for the biggest rally since at least 1999 as a growing U.S. economy spurs investors to hunt for higher yields.
State’s tax collections rose for the 10th straight quarter in the second quarter of 2012, according to the most recent report from the Rockefeller Institute of Government.
Nassau is among the nation’s wealthiest counties -- and the richest in New York -- as measured by per capita income.
U.S. state tax revenue grew at its fastest pace in six years in the second quarter, led by personal and corporate levies, as governments begin to recover from the longest recession since World War II.
California and New York helped push U.S. states’ tax revenue to the first quarterly gain since 2008, the Nelson A. Rockefeller Institute of Government said.
The $188 billion Build America Bond market is extending a record rally as investors bet that municipal issuers repairing their finances can withstand reduced federal subsidies on the debt.
Republican governors in at least three states are pushing to link funding for universities to graduates’ success finding jobs, saying schools need to provide students with the skills employers demand.