economy

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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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An assessment of home ownership in Salisbury has found it has fallen by 4 percent over the last four years.

During an overview of Salisbury census data last night the city council was told that the rental market accounted for 66.8 percent of the housing market while homeownership accounted for just over 33 percent.

City Council member Tim Spies says the trend reflects a tough economy.

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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.

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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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NEW CASTLE, Del. (AP) - The panel that sets Delaware's official revenue projections has offered a mixed bag in updating its financial forecast.

The Delaware Economic and Financial Advisory Council on Monday lowered projected revenues for the current fiscal year by $26.5 million, saying some $45 million in corporate income taxes will be collected in the fiscal year starting July 1, rather than this year. An overall drop of about $51 million in estimated corporate income tax was partially offset by an increase of almost $17 million in estimated personal income taxes.