DID YOU KNOW? Bigger state and local tax collections, propelled in part by an acceleration in sales-tax receipts from consumer spending, is boosting capital projects and driving a municipal borrowing boom. Spending on transportation infrastructure in October was up 15% from a year earlier. State tax revenues grew 6.3% in the second quarter of 2018 compared with an average second-quarter growth rate of 2.5% for the previous eight years Local infrastructure spending may accelerate. (WSJ)
DID YOU KNOW? Apple is also expanding its presence in San Diego as part of its plan to expand its operations across the country. While its $1 billion campus in Austin, Texas made headlines this week, it will also "establish new sites" in San Diego, Seattle, and Culver City, California. The San Diego, Seattle and Culver City sites would each have more than 1,000 workers, Apple announced. Apple will add 20,000 jobs in the U.S. by 2023. (10news)
DID YOU KNOW? Approximately 80% of all population growth since 2000 in Texas has been in the four large metropolitan areas: Dallas-Fort Worth, San Antonio, Austin and Houston. Between 2000 and 2016, according to the Bureau of Labor Statistics, or BLS, Austin expanded its employment by over 50%, while Houston, Dallas and San Antonio grew above 30%, more than twice the growth of New York and three time that of San Francisco and Los Angeles. Texas added 3 million people between 2010 and 2016 - including 940,000 migrants from other states. In comparison, California lost more than 500,000 domestic migrants to other states and New York lost nearly one million. Since 2000, New York, Chicago, Los Angeles and Boston grew by under 10%. (Daily Beast)
“We don’t have any of the early signs of recession. Yet, we have a market where despite 20% earnings growth, the price-earnings ratios have fallen 20%. This tells us the market is pricing in recession in 2019. We just don’t think that is going to happen.” - Steve Chiavarone, Federated
DID YOU KNOW? New York, Connecticut, Louisiana, California, Florida, and Massachusetts ranked worst in income inequality. The fastest growing income inequality is in Montana, California, Maine, Rhode Island and Idaho. (CNBC)
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