In Your Backyard - Regional Business News

California
Legislature Grapples With Budget Shortfalls
State lawmakers are debating solutions to address the budget shortfall, with Democrats arguing that government cuts would hurt the economy by eliminating public sector jobs, while Republicans asserted that tax increases would prolong the state's woes by deterring consumer spending and business investment. Gov. Arnold Schwarzenegger (R) last week proposed a mix of $4.7 billion in tax increases and $4.5 billion in spending cuts, and legislative leaders met this week behind closed doors to negotiate ways to close the state's latest revenue shortfall. California, like other states, anticipates a severe drop in tax revenues due to the plunging stock market, job losses, home foreclosures, and a lack of consumer spending.
Source: The Sacramento Bee

 

Connecticut
State Businesses Affected by Automotive Industry
Some state manufacturers say that dozens of Connecticut businesses would feel a ripple effect if the automotive industry doesn't get federal help. The Connecticut Economic Resource Center says that statewide, there are 60 manufacturing firms servicing the auto industry, employing between 2,500 and 5,000 people. Congress is considering a $25 billion emergency loan package for the Detroit carmakers that could see a vote next week.
Source: Associated Press

 

Georgia
Transportation Study Outlines Effects, Solutions
Transportation woes could cost Georgia 320,000 potential jobs and $515 billion in economic benefits over the next 20 years if the state sticks to "business as usual," according to a new state report presented to the state Transportation Board. The study, by private consultants McKinsey & Co., suggested a three-pronged strategy to relieve congestion in metro Atlanta and other metro areas in Georgia, help economic development in rural areas, and improve freight transportation. It includes a range of possibilities, from congestion-priced fluctuating tolls on HOV lanes to express bus systems and local street cars, and, of course, road expansion.
Source: The Atlanta Journal-Constitution

 

Louisiana
Businesses Uninterested in Disaster Incentives
Small businesses are not taking advantage of the more than $380 million in tax-free incentives provided by Congress for businesses impacted by Hurricane Ike, according to state officials. "Nobody whatsoever has expressed interest," said Whit Kling, director of the State Bond Commission. Congress included the incentives in the $700 billion economic bailout package. Kling says the biggest limitations are the fact that two of the largest parishes--East Baton Rouge and Orleans parishes--were omitted from the 16 parishes that qualify and new construction is excluded, making the bonds applicable to uninsured losses only.
Source: The Advocate

 

New Hampshire
Report Touts Growth Potential in Green Jobs
At a time when economic bright spots are hard to find, researchers say one emerging industry has the potential to create thousands of jobs in New Hampshire. The state could see more than 20,000 new "green" jobs under President-elect Barack Obama's 10-year, $150 billion energy independence plan, according to a new University of New Hampshire analysis. While industries such as retail and construction continue to flounder, green industries have the potential to grow from 17,000 jobs, or 3.2% of the state's economy, to more than 40,000 or about 8%, the study said.
Source: Nashua Telegraph