Sage Advice Municipal Quarterly Market Review 2Q2019

The effects of the second-longest economic recovery have been uneven, as differences in economic conditions, tax policy, and industry focus vary significantly state by state. That said, most state governments have improved their fiscal condition and outlook, with only nine states taking in less tax revenue after accounting for inflation. The states that have benefited from additional tax revenue continue to exercise prudence, growing their rainy-day fund balances to levels not seen since before the Great Recession. Although fiscal stability continues to improve, long-term challenges persist as underfunded retirement and health care costs account for a larger and increasing portion of states’ budgets. Both essential service revenue sectors, as well as corporate/quasi-corporate sectors, continue to hold up well and show no imminent signs of credit weakening.

  • DATE: July 11, 2019
  • TYPE: PDF

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