According to a recent report from the Star-Telegram, over $100 billion will be available over the next two years for general purpose spending. The reason for the bump in public spending is “a very strong rebound” from the nation’s recession, as recently stated by Susan Combs, the State Comptroller. This is fortuitous timing for the 83rd Legislature open their 140-day biennial session, as one of their first orders of business is to draft the state budget for 2013-2014. The budget is intended to address a wide array of expenditures.
The majority of the spike in revenue is due to a recovering Texas economy, according to Combs. A spike which has become a trend as the increases can be charted as steady growth over the last 24 months. Sales tax alone is making up over half of the $100 billion, suggesting that consumer spending is increasing at a geometric clip. Furthermore, the “rainy day fund,” which is an emergency sum reserved to address unexpected developments or expenditures outside of the general budget, is also expected to increase by nearly $12 billion by the end of this two-year budget. If the state remains stable, that fund could be used to offset some spending efforts.
Regardless, the bottom line is that the Lone Star State’s bottom line is improving, proving that the Texas economy is blossoming from one of the state to the other. And while there is some caution expressed, specifically the situation in Europe and a slowing Chinese economy that could affect the national outlook, Texas’ forecast remains bright and flourishing. This type of news is welcome to areas like Erath County, which remains a bedrock community for workers and families.
If you’re looking for a home in Stephenville or elsewhere within Erath County, and are ready to join the wave of positive economic news, we’re ready to help you in your search. Just give us a call today to learn more about the homes for sale in Stephenville.