Governor talks about the past, looks to the future
"All states are suffering, but some more than others."- Janet Napolitano
Mutinkhe Kaunda
Issue date: 10/14/08 Section: News
Arizona is at the apex of the housing crisis and diversification into other sectors of the market will be critical for Arizona to withstand any further slumps in the economy said Governor Janet Napolitano at the fifth Annual International State of the State Address Monday Sept. 29, 2008.
The Phoenix Committee of Foreign Relations (PCFR), a nonpartisan educational consortium created to assist leaders to make more informed decisions about economic, social and political issues.
During the address, Napolitano outlined the critical achievements of the past year as well as the state's international goals for 2009.
In attendance were business, education and government leaders from across the state of Arizona. Foreign delegates included the Britain's ambassador to Washington, Sir Nigel Sheinwald as well as representatives from the counselor offices of Korea and Canada.
Though cautious, Napolitano was fairly optimistic about the economic trends. Napolitano explained that over the last five years, while Ohio had lost approximately 500,000 jobs, Arizona had gained approximately 500,000 over a similar timeframe.
Although the Arizona unemployment rate has risen from its typical value of 4 percent to 5.6 percent, this rate is still lower than the national average of 6.1 percent.
"All states are suffering, but some more than others," said Napolitano.
Oil producing states, Texas and Alaska, survive in spite of the energy crisis. According to Napolitano, states with ports of entry such as Seattle and Washington, however, have been able to sustain themselves through the economic downturn, with Seattle reporting tax revenues high enough to compensate for the economic downturn.
A budget management plan, released by the governor's office, forecasts, at worst, a shortfall $800 million in the state's budget for the fiscal year 2009.
Cost saving measures to mitigate against the adverse effects of this shortfall include reducing state agency expenses through hiring freezes and use of the budget stabilizing "rainy day" fund with approximately $120 million available for the 2009 fiscal year.
The Phoenix Committee of Foreign Relations (PCFR), a nonpartisan educational consortium created to assist leaders to make more informed decisions about economic, social and political issues.
During the address, Napolitano outlined the critical achievements of the past year as well as the state's international goals for 2009.
In attendance were business, education and government leaders from across the state of Arizona. Foreign delegates included the Britain's ambassador to Washington, Sir Nigel Sheinwald as well as representatives from the counselor offices of Korea and Canada.
Though cautious, Napolitano was fairly optimistic about the economic trends. Napolitano explained that over the last five years, while Ohio had lost approximately 500,000 jobs, Arizona had gained approximately 500,000 over a similar timeframe.
Although the Arizona unemployment rate has risen from its typical value of 4 percent to 5.6 percent, this rate is still lower than the national average of 6.1 percent.
"All states are suffering, but some more than others," said Napolitano.
Oil producing states, Texas and Alaska, survive in spite of the energy crisis. According to Napolitano, states with ports of entry such as Seattle and Washington, however, have been able to sustain themselves through the economic downturn, with Seattle reporting tax revenues high enough to compensate for the economic downturn.
A budget management plan, released by the governor's office, forecasts, at worst, a shortfall $800 million in the state's budget for the fiscal year 2009.
Cost saving measures to mitigate against the adverse effects of this shortfall include reducing state agency expenses through hiring freezes and use of the budget stabilizing "rainy day" fund with approximately $120 million available for the 2009 fiscal year.
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