The national and state economic forecasts are done for Indiana by the firm Global Insight. Managing Director James Diffley says a freeze in growth in the middle of 2011 has pushed back the outlook for recovery.
“Last time I was year I reported that by mid-2014, mid- to late-2014, Indiana would have gained back all the jobs lost in the recession,” Diffley says. “We’ve now pushed that back into 2015.”
House Republican Fiscal Analyst David Dukes says state revenues should grow over the next two years, but not very strong.
“I would characterize it as a growing forecast, but slow growing and minimal growth in maybe the 2-3 percent range,” Dukes says.
But with recently discovered tax revenue that had been misplaced, the state budget surplus is expected to reach about one-point-seven six billion dollars in the next year. If left untouched, that would trigger a tax refund of roughly $50 for the average taxpayer.