Fewer Out-of-Staters Move to Florida Written by: Mike Schneider Detroit Free Press February 20, 2009 Presented by: Rebecca Grace ECO7500 February 24, 2009.

Slides:

Advertisements

Similar presentations

Advertisements

Presents. Tough Times For Transportation Funding Declining gas tax revenues Declining state revenues Uncertain federal revenue + Increasing construction.

Finance Issues in the News. Economic Indicators Inflation: Overall rise in prices Inflation: Overall rise in prices -The Consumer Price Index averages.

Health care financing in South Africa: Key issues.

How does the price of an item affect the demand?

Jeopardy $100 Section 2Section 3Section 4Section 6Section 8 $200 $300 $400 $300 $200 $100 $400 $300 $200 $100 $400 $300 $200 $100 $400 $300 $200 $100.

Public Choice through Mobility © Allen C. Goodman, 2009.

Growth Platform: Troy, Birmingham Race for $7 Million for Transit Site Written by: Jennifer Chambers, The Detroit News, 2/2/2009 Presented by: Rebecca.

Schools as Local Public Goods (Browse O’Sullivan, Ch. 17) © Allen C. Goodman 2006.

Types of Economic Systems

McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, All Rights Reserved Chapter 9 The Financial System, Money, and Prices.

Saving and Capital Formation The “Engine of Economic Growth” (Investment/Growth Rate Correlation is higher than any other factor)

Danielle Weaver.  Although the retirement age is set at 65, it should be voluntary action due to financial insecurities, desire for challenge, and social.

CLASSIFICATION HEARING Presented by John H. Neas Chief Assessor.

CLASSIFICATION HEARING Presented by John H. Neas Chief Assessor.

The American Economy Chapter 19 Notes.

ENTREPRENEURS IN A MARKET ECONOMY

How to Cook Financial Meth. Act 1 – Where it All Begins People borrow money from a lender to buy a home – this is called a mortgage loan. Every month,

AIM Why should we invest in real estate? DO NOW What are the advantages of investing in real estate? REAL ESTATE.

Chapter 3: Individual Markets

MICROECONOMICS TOPIC 2 Economics DEMAND.

Chapter 4 Understanding Demand Yoliann Pons Period.5

Rhode Island Edward Mazze, Ph.D. Distinguished University Professor of Business Administration University of Rhode Island.

 Saving is income not spent.  Saving also includes reducing spending, such as recurring costs.  Savings can include a relatively low-risk investment.

MSCA6-1- Students will understand the personal nature of work and how it relates to them as individuals and as integral parts of society. a) Identify reasons.

Interest ratesslide 1 INTEREST RATE DETERMINATION The rate of interest is the price of money to borrow and lend. Rates of interest are expressed as decimals.

Demand Economics – Chapter 3. Demand  The amount of a good or service that a consumer is willing and able to buy at various possible prices during a.

Page 1 Copyright © Texas Education Agency, All rights reserved. The World of the Market Economy.

Economic Roles Chapter 3.

Chapter 2 Measuring economic activity

Public Choice through Mobility © Allen C. Goodman, 2015.

A Economics Review Activity Setup Directions:  Type a vocabulary word on each of the following 10 slides in the subtitle textbox. When complete, run.

SESSION 3: FINANCIAL GOAL SETTING, SPENDING, AND CREDIT TALKING POINTS on SETTING & ACHIEVING FINANCIAL GOALS FINANCIAL GOAL SETTING, SPENDING, AND CREDIT.

Risk Management Association Long Island Economic Update What Lies Ahead? Dr. Martin R. Cantor, CPA Long Island Center for Socio-Economic Policy

1 of 35 C H A P T E R 1 0 ■ S T A T E A N D L O C A L G O V E R N M E N T E X P E N D I T U R E S Public Finance and Public Policy Jonathan Gruber Fourth.

Business Management.

ECONOMICS. Economy Types There are four types of economy in the United States Agricultural Service Industrial Information.

CONSUMER ARITHMETIC PROBLEMS. Check and discuss students’ homework on compound interest STARTER.

INSURANCE Terms and Overview Created in part by The Texas Department of Insurance.

Warm Up Turn to page 25 in your textbook Read “Consumer Action” What can Yolanda do to help her business be more profitable? How will she know if her price.

Free Market Ch. 2.2 By: Austin Ciervo 5 th Period.

Chapter 19: Consumer Choice Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 13e.

Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

+ Supply and Demand Why are some goods produced and not others?

Presents. Tough Times For Transportation Funding Declining gas tax revenues Declining state revenues for aviation, highways and transit Uncertain.

Lesson Six The Role of Government in Michigan’s Economy The Economy of Michigan Unit Two:

1.02 ~ ECONOMIC ACTIVITIES AND CONDITIONS CHAPTER 2 MEASURING ECONOMIC ACTIVITY.

Presents:. Market Evaluation – Analyzing Property CMA Appraisal BPO.

WJEC (B) GCSE Geography Theme 1 Topic 2 Click to continue Hodder Education Revision Lessons Inequalities in housing in rural England.

Money, Output, and Prices in the Long Run. Short-Run and Long-Run Effects of an Increase in the Money Supply Short-Run and Long-Run Effects of an Increase.

Housing Demand and the California Economy Stephen Levy Center for Continuing Study of the California Economy Senate Housing and Transportation Committee.

Personal Financial Planning Developing Personal Financial Goals Lesson 1.1 Part 2.

Economies. Economy is... The production, distribution, trade and consumption of GOODS and SERVICES.

Sample Cards SAMPLE BUYER CARD

19-1 Consumer Choice  Prices are important in determining consumer behavior.  New products have to be priced correctly. The price could be set too high.

Budgets and Businesses Workshop. Budget: is a plan that shows income, spending and saving. Income: Spending: Saving:

1.02 ~ ECONOMIC ACTIVITIES AND CONDITIONS CHAPTER 2 MEASURING ECONOMIC ACTIVITY.

that taxes are deducted from our earnings to provide for things that we all need in our wider and global communities about how the money from tax might.

CHAPTER 2 Economic Activity. MEASURING ECONOMIC ACTIVITY  Economic growth is the steady increase in the production of goods and services in an economic.

The Massachusetts Economic Challenge Barry Bluestone Center for Urban and Regional Policy Northeastern University Massachusetts Building Trades Council.

By: Mike Capasso. Recreation Center We have decided that the construction of a recreation center, based on the meeting’s results, would be a good idea.

Inflation/Deflation. Inflation ~Inflation is defined as a persistent increase in general price level. Deflation ~Deflation is defined as a persistent.

Warm-up What makes something valuable? Economic Systems Barter System – goods and services are exchanged for other goods and services; no money is involved.

Government and the UK Economy. Starter: Think of three words that you would use when talking about the UK economy – what do they mean? Hopefully by the.

INSURANCE: What you should know..  If you drive, you must have car insurance.  When something unexpected happens, you will be more likely to afford.

Demand Chapter 4. Understanding Demand Chapter 4, Section 1.

…IN THE TOWNSHIP OF LANGLEY

Changes in quantity demanded

ECON The Wall Street Journal

ECONOMIC ROLES Unit 2, Part 1

Presentation transcript:

Fewer Out-of-Staters Move to Florida Written by: Mike Schneider Detroit Free Press February 20, 2009 Presented by: Rebecca Grace ECO7500 February 24,

Who’s coming? Who’s going? The number of applications from out-of-staters for Florida driver’s licenses dropped 30% over 5 years. New York and New Jersey have snubbed the sunshine state the most. People are still coming: Florida’s population increased 127,000 in Those coming are choosing south Florida Michigan ranks fourth in out-of-state applications for Florida licenses. In 2008, roughly the same number of people moved into the state as those who moved out-of-state.

Why aren’t people coming? According to Jan Vink, Cornell University, there are several possible reasons people are not moving to Florida: – The recession – Awful housing market – Hurricanes – High insurance costs – Battered retirement funds – The end of the “9/11 effect” Another reason: state with the most shark attacks.

Why is this a problem? Florida has depended on population increases to support their economy. The state has sub-tropical weather and relatively inexpensive housing prices. New residents buy the inexpensive housing, are added to the tax base and create demand for shopping centers, schools, parks, and other goods.

The Value of the Home and Tax Rates P ni = Dy n + D (X i -t i p ni ) B i = Σ P ni /n X i = t i B i Suppose we have a Florida community with houses valued at $150,000 each. The citizens of this community decide they want $10,000 worth of public goods. So, their tax rate is: – X i = t i B i – 10,000 = t i 150,000 – T i =10,000/150,000 = 6.67%

The Value of the Home and Tax Rates But, people are leaving, foreclosure is high, and home values are decreasing. So, – X i = t i B i – 10,000 = t i 125,000 – T i =10,000/125,000 = 8% So, the amount of taxes a citizen must pay (8%) are greater than the value the citizen places on the desired goods (6.67%). Citizens will discover they are able to get a better deal for their money elsewhere. If we think of the states as communities, citizens will move to a location that better matches their preferences, as Tiebout has suggested.

Final Thoughts Retirement funds play a large role into the decrease of people moving to Florida. – Florida: 17% age 65 and older – U.S.: 12.6% age 65 and older Florida is still gaining residents, but at a lower rate.