Posted 1/6/2014 12:00 am
Updated 9 months ago
The financial health of the 50 U.S. states has improved after the official end of the Great Recession in June 2009, though most of them have not yet regained all the ground lost during the economic downturn. That’s the finding of a report by the Pew Charitable Trusts, “Fiscal 50: State Trends and Analysis.”
The “recovery has been fragile and varies widely from state to state,” the report says. “Tax revenues, employment rates, and reserve funds still are lower in most states than they were before plunging during the recession.”
“Only 14 states’ tax revenue had recovered from the Great Recession by the first quarter of 2013, after adjusting for inflation,” the report says. “Total state tax collections were still 1.6 percent below their peak in the third quarter of 2008.”
Arkansas was among the 14 states that had experienced a recovery in tax revenue, with an increase of 3.8 percent, according to the report.