Report: Sunbelt states may outpace recovery - Denver Business Journal:

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Though the quarterly economic report issued June 23 by notedxthat “the worst is behind us,” each state’s recoveryg will hinge on how well that statr is able to assimilate its portion of the federalp stimulus package, among other factors. “At the moment, the economt is still contracting, so we expect to see negative GDP growtgh in thesecond quarter, but at a slower pace than in (the firsg quarter),” said Nathaniel Karp, the bank’w U.S. chief economist.
“Consumption, however, is expected to lead the resurgence in economic activity in the seconf half ofthe year, but the high unemploymenrt rate, the greater propensity to save and the high degrede of uncertainty regarding the impact of the fiscalk stimulus package could present riskd to this scenario.” Though the economists believe economy is weakening as home prices gradually decline this year while other Sunbelt states that saw much steeper declines level off or move higher — and the globak recession deepens, the state is still ahead of the national “In 2009, economic growth will be negativs in all the states in the Sunbelt excludinf Texas, where GDP will be positive in real the report said.
The BBVA Compasw economists predict that only Texas and Coloradol will see GDP growth stay flat in compared tothe six-state average 1 percent declinew and 2 percent drop Texas GDP is expected to grow by 1.7 percentf in 2010. Employment will decline 2.3 percengt in Texas this year, compared to a 3.8 percent drop across the U.S. The study coveredx economic activityin Texas, Arizona, Colorado, Alabama and New the six states in which BBVA Compas s operates.