January Newsletter
| January Newsletter |
Debbie.Clary@ncleg.net 919.715.3038 |
From the desk of Senator Debbie Clary…
Being a “new year,” it is beneficial to look back at what we have, and have not, accomplished during the previous year. I thought you may enjoy a quick summary of the past year and a glimpse for 2010. The John Locke Foundation has accumulated some of these interesting demographic and economic measures, which are displayed in the tables below:
NC Fast Facts (FY 2010)…
Demographics…
|
Population (July 2008) |
9,227,016 |
|
% Growth 2001-2008 |
12.5% |
|
Square Miles |
52,669 |
|
State GDP (2008) |
$400.2 Billion |
|
% Growth 2001-2008 |
17.1% |
|
Per Capita Personal Income (2008) |
$34,439 |
|
% Growth 2001-2008 |
4.7% |
|
Unemployment Rate (October 2009) |
11.0% |
|
State & Local Tax Burden (2008) |
9.8% |
|
State Bonded Debt (June 30, 2008) |
$6.7 Billion |
NC State Government…
|
Operating- State General Fund |
$20.4 Billion |
|
Capital- State General Fund |
$4.9 Million |
|
General Fund Growth (FY’01-FY’10) |
45.4% |
|
Total State Employees |
147,543 |
Tax Rates…
|
Personal Income (Top rate w/ surtax) |
7.98% |
|
Corporate Income (incl. surtax) |
7.11% |
|
State Sales and Use Tax |
5.75% |
|
State Gas Tax |
30.2¢ / gal |
General Fund Appropriations…
|
MILLIONS |
% OF TOTAL |
|
| Total Education |
$11,680 |
57% |
| K-12 Education |
$7,836 |
38% |
| Community Colleges |
$1,000 |
5% |
| UNC System |
$2,845 |
14% |
| Total Health / Human Services |
$4,791 |
23% |
| Medicaid |
$3,176 |
16% |
| Justice & Public Safety |
$2,198 |
11% |
| General Government |
$441 |
2% |
| Natural & Economic Resources |
$437 |
2% |
| Reserve & Debt Service |
$874 |
4% |
| Capital |
$5 |
0.02% |
| General-Fund Appropriations |
$20,426 |
100% |
General Fund Availability…
|
MILLIONS |
% OF TOTAL |
|
| Personal Income Tax |
$9,514 |
46% |
| Corporate Income Tax |
$1,051 |
5% |
| State Sales & Use Tax |
$5,629 |
27% |
| Other Taxes / Fees |
$2,733 |
13% |
| Transfers & Reversions |
$190 |
1% |
| Federal Stimulus Funds |
$1,388 |
7% |
| Total Availability |
$20,505 |
100% |
Transportation…
|
MILLIONS |
|
| Highway Fund Appropriations |
$1,737 |
| Highway Trust Appropriations |
$881 |
2010 “New Year” Outlook…
Included in a report entitled, “General Fund Revenue Report and Economic Outlook,” the NC Fiscal Research Department gathered information from various sources to detail expectations for 2010. Some of the main points are highlighted below:
- Moody’s Economy.com forecasters significantly lowered their expectations for growth in the State’s personal income for 2010. They now forecast 1.9% growth, which is half of what was in previous forecasts (3.8%). Wage & Salary income, the major component of personal income, is estimated to have fallen 4.4% in 2009 and expected growth for 2010 is approximately 1.8%.
- From September through November the State’s economy added almost 16,000 jobs (seasonally adjusted). However, this still leaves employment short of pre-recession employment by almost 240,000 jobs. Many of the State’s industries have begun to increase output, yet this has had little impact on full-time employment. Only the Health & Education Services and Government sectors had year-over-year growth in November.
- For 2009, the Construction, Manufacturing, Mining, and Wholesale Trade sectors experienced the biggest losses in employment. The Government sector is the only one expected to realize any employment gains for the year.
- The housing market in the State appears to have bottomed out. Existing home sales are no longer in decline and prices are starting to stabilize in some areas. Nonetheless, the market is still struggling. As of November, Residential permits for new construction were still in decline, and existing home sale prices across the State were down 1.7% for the third quarter of 2009.
Now is not the time to raise taxes, experiment with new Use Taxes or fees, or to fund unnecessary and fiscally irresponsible projects. Instead, we need to address unemployment, immediately! Our number one priority for this “new year” should be to significantly reduce, or eliminate, the 240,000 jobs lost due to the recession. Furthermore, with 11.0% statewide unemployment, consumers are not able to spend the money necessary to stimulate the economy.
Want to see back issues of Senator Clary’s Newsletters or view interesting News Clips? …
Please visit our site at: www.senatorclary.com.
Monthly Mailings
Now that the session has come to an official adjournment until May, 2010, we will be sending the e-Newsletter monthly instead of weekly. During the interim, I am in the district working on constituent issues as well as my business, Millennium Marketing and MMG LIVE Networking. The Raleigh office will remain open Monday thru Friday with my Legislative Assistant, Misty Greene. You can reach us at debbie.clary@ncleg.net or debbie@senatorclary.com or if you prefer to call, the number is 919.715.3038. We check our mail daily and will get back to you as soon as possible. I would like to emphasize how thankful I am for your readership, comments, and input throughout the “long session.”
Thanks as always for your support and for the honor and privilege of serving as your Senator!
