economy

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With the unemployment rate just under 15 percent the coronavirus pandemic the economic outlook for the near future is uncertain. Gene Sperling, an economic adivisor to presidents Obama and Clinton and author of a new book "Economic Dignity" tells Delmarva Public Radio's Don Rush that he does not expect a quick turn around as we head into the second half of the year. (Part 1)

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NORFOLK, Va. (AP) - A new economic report says Virginia has finally pulled out of the doldrums caused by the Great Recession and past restrictions on federal spending.

Old Dominion University's 2018 State of the Commonwealth Report was released Saturday. It says Virginia's economy picked up pace and is likely to improve more rapidly next year.

A big reason is the increase in federal government spending, which makes up about a third of Virginia's economy. Military funding in particular will help sustain growth in 2019.

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NEWARK, Del. (AP) - The University of Delaware has named its school of public policy in honor of former vice president Joe Biden.

The announcement was made Tuesday at the conclusion of a semiannual meeting of the university's board of trustees.

Biden is a 1965 graduate of the university. The Biden Institute at UD's School of Public Policy and Administration is already named for him. Biden told trustees that having the school itself named for him was "a truly great honor."

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It might be a booming economy, but as Delmarva Public Radio Essayist George Merrill writes there seems to be more discord.

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Maryland's gubernatorial candidates clashed last night during their one and only debate. Republican Governor Larry Hogan and Democratic challenger Ben Jealous attacked each in a display of fiery rhetorical fireworks. Delmarva Public Radio's Don Rush monitored the broadcast by Maryland Public Television and files this report.

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In his State of the State address Governor John Carney told lawmakers that they must come together to solve the budget issues that are now facing the First State.

The Delaware Democrat said that they must also find ways to improve the economy and bring better education to the state’s children.

The governor warned lawmakers not to use one-time revenue shortfalls but rather focus on structural budgetary reforms.

Carney called for additional funding next year for to hire nearly 200 teachers to deal with the increase in the number of students attending school.

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RICHMOND, Va. (AP) - Virginia Gov. Terry McAuliffe is leaving office after a largely successful four-year term that saw his image reinvented from fundraiser to accomplished administrator.

Known as a top Democratic money man and close friend of Bill and Hillary Clinton, McAuliffe has notched a series of successes as governor of the nation's 12th largest state. They range from major transportation deals to an overhaul of the state's juvenile justice programs.

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B.F. Rich Windows and Doors is shutting its doors after 60 years of being in business.

The Ogletown company produced energy-efficient doors and windows.

But the Wilmington News Journal reports that the firm has been struggling for almost ten years and never recovered from the Great Recession that began in 2007.

So this week the company informed its 130 employees that it would be going out of business.

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DOVER, Del. (AP/WSCL) - Democrat John Carney has been sworn in as Delaware's 74th governor.
 
Carney and Lt. Gov. Bethany Hall-Long, also a Democrat, took their oaths of office Tuesday morning in a rain-soaked ceremony on the steps of Legislative Hall.
 

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Challenges still lie ahead.

That was the assessment of Delaware Governor Jack Markell as he prepares to exit his office next week with the inauguration of Governor-elect John Carney.

During his final press conference touted progress in education and job growth.

But the biggest challenge facing his successor will be a budget shortfall of $350 million.

Markell said that the problem lies in the kind of revenue the state collects noting that money from personal income taxes has gone up.

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Virginia Gov. Terry McAuliffe is touting his record of a growing and diversifying state's economy.

But he warned lawmakers that progress could be undermined by socially conservative legislation on abortion and transgender issues.

McAuliffe's remarks came last night evening at the annual State of the Commonwealth, kicking off the start of the 2017 legislative session.

The Democratic governor asked lawmakers to work with him on helping the state become less dependent on federal defense spending.

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RICHMOND, Va. (AP) - Virginia Gov. Terry McAuliffe said the state's economy is improving and he won't have to cut as much from the state budget as previously thought.
    
McAuliffe told reporters that he and other state officials are "cautiously optimistic" about the direction of the state's economy, in part because of an increase in state payroll tax revenues in recent months.

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RICHMOND, Va. (AP) - Virginia Gov. Terry McAuliffe said the state's economy is improving and he won't have to cut as much from the state budget as previously thought.

McAuliffe told reporters Monday that he and other state officials are "cautiously optimistic" about the direction of the state's economy, in part because of an increase in state payroll tax revenues in recent months. The governor made the comments following a private meeting with state budget officials and business leaders.

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ANNAPOLIS, Md. (AP) - Maryland lawmakers will be getting a briefing on the state budget.

Analysts with the Department of Legislative Services will give an overview on Tuesday in Annapolis. They'll be speaking to lawmakers who are on legislative committees that focus on financial issues.

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The population of Somerset has begun to decline.

From 2010 through 2015 there was a drop of 2.7 percent according U.S. census data.

The Salisbury Daily Times reports that the only other Maryland county to see its population decline is Allegany at 3.3 percent.

The paper says it is not clear why there has been such a decline.

The county has lost nearly 10 percent of its businesses and employees.

Don Rush

DOVER, Del. (AP) - Legislation to increase Delaware's current $8.25 minimum wage by $2 over four years has passed the state Senate after generating heated discussion among lawmakers.

The bill cleared the Democratically-led Senate on an 11-to-8 party line vote Wednesday and now goes to the House.

To increase the bill's chances, chief sponsor Robert Marshall, a Wilmington Democrat, withdrew a provision that called for cost-of-living adjustments tied to Social Security benefit increases starting in 2021.

Don Rush

DOVER, Del. (AP) - Legislation to increase Delaware's $8.25 minimum wage by $2 over four years has generated sharp discussion in the state Senate.

Bill sponsor Robert Marshall of Wilmington tabled the bill Tuesday after lengthy debate, saying later he didn't know whether it had enough votes to pass.

Supporters say the measure will help struggling low-wage earners. Opponents say it will lead to businesses cutting jobs, hiring fewer workers and even leaving Delaware.

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DOVER, Del. (AP) - Delaware Gov. Jack Markell is set to give his final State of the State address.

The two-term Democrat, who is prohibited by law from seeking a third term, will address a joint session of the General Assembly on Thursday.

Markell will lay out his vision for the state during his final year in office, calling for Delawareans to build on the accomplishments of his administration and to expect more progress, even in challenging times.

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As the presidential race heats up 2016 may begin to tell the nation just where the millennial voters will put their mark after overwhelmingly supporting President Barak Obama.

Delmarva Public Radio’s Stephanie Chisley spoke with young voters as they sort out the issues and the candidates.

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With the Chinese economy slowing and the New York Stock Exchange shivering some question the implications for the United States -- especially in the wake of the events that led to the recent Great Recession. Delmarva Public Radio's Don Rush spoke with Dr. Tylor Claggett, professor of finance at Salisbury University's Perdue School of Business who has visited China many times over the years.

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RICHMOND, Va. (AP) - The federal government says Virginia's economy was flat last year.

The U.S. Department of Commerce's Bureau for Economic Analysis said Wednesday that Virginia's real gross domestic product was $427.45 billion in 2014, compared with $427.35 billion in 2013.

Slight growth in retail trade, information, durable goods, and health care and social assistance were offset by small declines in construction, real estate and nondurable goods.

Virginia's economy grew by rates of 0.4 percent in 2013, 0.7 percent in 2012 and 0.6 percent in 2011.

Don Rush

RICHMOND, Va. (AP) - Virginia's state revenues are higher than previously projected with March collections up nearly 12 percent higher than a year ago.

Gov. Terry McAuliffe's office released figures Monday showing that total revenue collections are up 7.1 percent so far this fiscal year. That's more than 2 percentage points higher than the growth projected in a budget lawmakers approved in the 2015 legislative session.

McAuliffe said the strong revenues are a sign that Virginia's economy is improving.

Don Rush

NEW CASTLE, Del. (AP) - A panel exploring how to make Delaware's revenue portfolio less unpredictable and more reflective of economic conditions is taking a close look at the state's corporate income and gross receipts tax systems.

Monday's meeting of the Structural Revenue Review Committee includes a background look at the corporate tax system, its conformity with the internal revenue code, and how it compares to other states.

The panel also will look at the background and history of the gross receipts tax on businesses.

Don Rush

RICHMOND, Va. (AP) - Gov. Terry McAuliffe says Virginia's economy is in a "very perilous" situation with potential federal defense cuts looming.

McAuliffe says he's open to considering eliminating tax relief programs in order to balance the state budget.

He and state lawmakers met with heads of several large companies Monday to discuss the state's economic outlook.

House Appropriations Committee Chairman S. Chris Jones says the executives told lawmakers to be cautious in their budgeting for next year.

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CATONSVILLE, Md. (AP) - Maryland's candidates for governor have outlined some of their plans to improve education and the state's business climate.

Democratic Lt. Gov. Anthony Brown and Republican Larry Hogan took questions Tuesday night from residents of the Charlestown retirement community in Baltimore County.

Education

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OCEAN CITY, Md. (AP) - Republican Larry Hogan is scheduled to talk about restoring the state's economy.

Hogan, who is running for governor, will be speaking on the boardwalk in Ocean City on Friday.

He'll be focusing on Worcester County, where the summer unemployment rate is higher than the state average.

He's also scheduled to talk about regulations on businesses on the boardwalk.

Many candidates for office in the state are on the Eastern Shore this week for the Maryland Association of Counties summer conference in Ocean City.ec

Don Rush

An economic forecasting firm says that Delaware is the only state in the country still facing the potential of falling back into a recession.

That harsh picture comes from Moody’s Analytics after reviewing the state’s employment figures, housing market and industrial production at the end of four years of recession.

The jobless rate in Delaware has stayed at 7.4 percent which matches the national average which has been declining from around 10 percent over the last five years.

osha.gov

While Washington struggles with immigration reform there’s a new report that says Maryland get a big economic boost from such legislation.

Maryland News Connection reporter Allison Burns has the story.

Don Rush

Holiday traffic is about to begin in earnest for this Fourth of July.

Maryland

Triple AAA Mid-Atlantic expects 86 percent of Maryland travelers to go by car.

That’s a slight decline from last year.

That amounts to nearly 690-thousand hitting the road from July 3 through July 7th.

Christine Delise with AAA Mid-Atlantic says decline is in part due to a shorter holiday this year than last.

But she adds federal budget cuts and the economy are still having their effect.

Don Rush

The US Chamber of Commerce has found that there have been some mixed results for job creation in the state of Delaware.

Central Delaware Chamber of Commerce President Judy Diogo noted that the economy of the First State is getting strong with companies making big investments like Kraft Foods.

But she added it is not occurring at a rapid pace.

Among the 30 indicators the state is performing well in six of them including first economic output per job.

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