ART - 2009 Recession Economics State County Constructio 2010

The document provides information on the fiscal condition of counties and cities in the United States in 2009, as well as the outlook for the construction sector in 2010. According to a survey, many counties were experiencing shortfalls in revenue, primarily from property taxes, state or federal funding, and sales taxes. To address these shortfalls, counties were delaying purchases and repairs, implementing salary/pay freezes, and using rainy day/reserve funds. Similarly, cities were also facing financial challenges, with finance officers reporting that their cities were less able to meet fiscal needs in 2009 compared to the previous year. City revenues were predicted to decline, while spending was expected to increase. To cover budget shortfalls, cities were implementing hiring freezes, laying off personnel, and delaying or canceling infrastructure projects. The document also provides an optimistic outlook for the construction sector in 2010, with an expected increase in construction starts following a decline in 2009. Public works construction, single-family housing, and multi-family housing were expected to see growth, while commercial buildings and manufacturing buildings were predicted to decline. The document emphasizes the importance of innovative project finance to address construction needs. Overall, the document highlights the challenges faced by counties and cities in 2009 and provides insights into the construction sector's outlook for 2010.