DID YOU KNOW? Florida added 322,513 residents in 2018 and has surpassed New York as the third-most populous state in the USA. Texas took in the most people, with 379,128 in 2018, and Nevada, the fastest-growing state in the country, grew at a rate of 2.1%. All 3 states have zero state taxes. (NY Post)
DID YOU KNOW? Wall Street is bracing for large U.S. companies to report a decline in quarterly profits even after taking in higher revenues, something that has not happened in more than a decade. S&P 500 companies due to report in the coming weeks face tough comparisons with 2018 when the U.S. tax code overhaul helped boost profits by more than 20%. With rising costs, some resulting from tariffs, analysts see profit margins shrinking by 1.1%, the first year-over-year decline in at least 2 years. Companies are experiencing rising input costs as well as increases in labor costs from modestly rising wages. 1st-quarter earnings for S&P 500 companies are expected to fall 2.5% from a year earlier, marking the first quarterly U.S. decline since 2016. Revenue is meanwhile seen up 4.8%. (Reuters)
DID YOU KNOW? The Brooking Institution analyzed prosperity in the 100 largest metropolitan statistical areas from 2007 to 2017, as well as 2016-2017. The Monitor tracked 4 metrics: growth, prosperity, inclusion and inclusion by race. Denver fared really well:
- Most metro areas (64) made progress on all 3 prosperity indicators, but only a minority did so on inclusion (29), racial inclusion (26) and growth (10). Denver – posted across-the-board improvements in all 4 areas boasting a growing, dynamic economy that boosted wages and standards of living, drew more people into the labor market, reduced poverty, and narrowed disparities by race and ethnicity.”
- Denver was ranked as the first area to recover from the nationwide downturn. The Denver-Aurora-Lakewood metro area was ranked 6 out of 100 for growth during the decade by Brookings.
- From 2007-2017, Denver booked an 18% increase in jobs. Denver’s Gross Metropolitan Product grew by 26.7%. The percentage change in jobs at young firms rose by 11.3%.
- The technology boom was a big contributor to the economic health of Denver and other metro areas.
- The fastest-growing metro areas over the 10-year period includes many tech hubs that have also grown quickly in the last year (e.g., Austin, San Jose, and Seattle), as well as Dallas, Denver, Raleigh, N.C., and San Francisco.
DID YOU KNOW? Liabilities of major U.S. public pensions are up 64% since 2007 while assets are up 30%, according to Boston College’s Center for Retirement Research.