The virus did not cause the financial rout many states feared

The virus did not cause the financial rout many states feared

Deals for some states

In his investigation, Peter DeGroot, head of municipal research and strategy at JP Morgan, found a handful of states, including Idaho, South Dakota, and New Mexico, that were successful in more Last year compared to 2019. The survey also identified several states where tax revenues have yet to rebound because they rely heavily on tourism, oil and gas or coal mining – among them Hawaii , Nevada, Florida, Texas and West Virginia.

Ms. Sheiner’s analysis showed Idaho had the highest revenue collection of any state. She conducted her research with Byron Lutz, an economist at the Federal Reserve.

Idaho’s financial management chief Alex J. Adams said in an interview that the rebound surprised officials and they believed part of the reason was an influx of new California residents, seeking to escape the high cost of living in this state. – a trend that started before the pandemic but accelerated last year. Mr Adams also said Idaho did not halt construction when the lockdowns occurred, which helped economic activity.

Republican Gov. of Idaho Brad Little said in his State of State address in January that 2020 revenue was large enough to send $ 295 million back to taxpayers and still have enough to invest in. better highways, bridges and broadband access. He also wrote to the Idaho congressional delegation last year, urging them to oppose the use of unconditional federal dollars to …

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