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IT sector showing signs of improvement

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Western Economic Developments, September 2003 Economic Western Federal defense spending boosts District state economies IN T H IS IS SU E District tourism on the rise ........................................................................ 2 Job markets remain weak in District ...................................................... 2 IT sector showing signs of improvement ............................................. 4 Update on state budget issues ................................................................. 4 High-tech Watch ........................................................................................... 5 S T A T E H I G H L I G H T S Alaska, Oregon, Washington .................................................................. 6 Arizona, California, Hawaii ...................................................................... 8 Idaho, Nevada, Utah ............................................................................... 10 Developments F E D E R A L R E S E R V E B A N K O F S A N F R A N C I S C O S E P T E M B E R 2 0 0 3 Figure 2: Defense spending as a percent of GSP* Figure 1: Percentage increases in defense spending between 2000 and 2002 Sources: Department of Defense; Bureau of Economic Analysis. *Calculations based on data for 2001 and 2002. Over the past several years, spending by the Department of Defense (DOD) has risen considerably, which has helped the economies of several states in the Twelfth Federal Reserve District. The District received a little over $64 billion in 2002, according to DOD esti- mates of its spending on payrolls and contracts. Of this amount, California received a little over $36 billion, the largest amount of defense spending received by any state in the U.S. Within the Dis- trict, the second largest recipient of DOD dollars was Arizona, which saw almost $9 billion. Between 2000 and 2002, defense spending in states increased 20.7% for the nation overall. The Dist

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