Community Health and Resilience
Department and College
Department of Applied Economics in the College of Food, Agricultural and Natural Resource Sciences
- New Hampshire
- New York
- North Dakota
- West Virginia
Project Start and End Date
January 3, 2018-September 30, 2022
Enhancing Rural Economic Opportunities and Entrepreneurship: Rural communities face a wide range of economic development challenges including changing economic structures, changing population characteristics, and insufficient investment in infrastructure maintenance and expansion. This research will identify and analyze policies and strategies that contribute to the viability and resiliency of communities. First, the research project will focus on the links between access and affordability of child care and workforce availability. Family-centered measures of access to child care and early education will be developed using spatial analysis and used to analyze supply, quality, and prices of child care services in rural areas of the state. Identification of areas with poor access to high-quality child care and early education may lead to better targeting of resources to support the current workforce as well as leading to improvements in educational outcomes for children. The results will provide evidence on how state and local policies to support high-quality early care and education may impact families and lead to a better understanding of the availability and affordability of labor supply in local communities.
The economic vitality of Minnesota's communities depends on investments made by the state government. The state operating and capital budgets provide funds for public infrastructure, education, health care, workforce development, business development, and more. Consequently, risks to the state budget--whether they arise from changing economic conditions, changes in tax policies, or errors in the state's revenue and expenditure forecasts--pose risks to the communities relying on state government expenditures. Improving the accuracy of state revenue forecasts can reduce the risk arising from forecast errors, providing more consistency and certainty to local government budgets. This project will develop and test methods for forecasting revenues from Minnesota's income and corporate taxes. We focus on the corporate tax because it is the state's most volatile revenue source. Within the income tax, we will focus on forecasting capital gains income, the most volatile type of income. The results will help policymakers improve revenue forecasting and adopt policies to better manage the remaining budgetary risk.