The United States Conference of Mayors (USCM) is the official non-partisan organization of cities with populations of 30,000 or more. There are 1,408 such cities in the United States today.
A USCM economic report shows that metropolitan areas will continue to drive economic activity forward in the U.S. and regain their lost jobs. The report also forecasts stronger GMP and GDP growth in 2017, which will take the economic recovery into its eighth year, one of the longest in recent history.
US Metro Economies in 2016-2017:
- In 2016, real GMP growth will exceed 3% for 42 (11%) metros, 2% for 126 (33%), 1% for 255 (67%), and will be positive for 333 (87%) metros;
- In 2017, GMP growth for all metros will be 2.7%. Eighty-one percent of metros (309) are projected to see real GMP growth of at least 2% in 2017, with 33% (125) exceeding 3% growth. Though the Sun Belt will still lead in the U.S., growth will be more evenly distributed with significant improvements in the Northeast and Midwest states.
Lexington, Massachusetts-based IHS Global Insight predicts that state and local government purchases will increase to $2.10 trillion in 2017, a 3.9 percent boost over 2016 totals.
To efficiently manage a city budget to deliver on government policies, strategic goals, or community services, an effective forecast is an integral part of the annual budget process. Using Questica Budget to quickly develop and analyze different “what-if” scenarios is straightforward and the impact is immediately understood.
Questica Budget is a web-based budgeting tool that provides a controlled environment for budget input, review, approval, and ongoing management. It offers one point of data entry and seamless integration into a municipality’s existing financial system.
Questica currently manages over $55 billion in annual public sector budgets. Today, metropolitan areas require a fully integrated financial management solution to stay on top of their financial health. To find out how you can link strategic planning, budgeting, and performance reporting in a system that has been designed specifically to meet the unique needs of local government, request a demo of Questica’s solutions for the public sector to find out more insight.