Word: sunbelt
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...idea--originally Richard Nixon's--is a good one as far as it goes, even though the suburban and Sunbelt-biased formula for distributing the funds was in drastic need of the reform provided last week by the Housing and Urban Development Act of 1977. The Act shifts more money to decaying older cities and establishes an Urban Development Action Grant Program to aid the economic development of downtown areas...
...blacks have been called back to work more slowly. Consequently, some people who had begun to struggle out of the underclass were abruptly thrown back. The underclass has been hurt by the flight of manufacturing firms?many requiring only semiskilled or even unskilled labor?to the suburbs and the Sunbelt. Since 1969 Chicago has lost 212,000 jobs, while its suburbs have gained 220,000; in the same period, New York City has lost 650,000 jobs. From 1970 to 1975, 248 manufacturing plants left Detroit, including branches of the 16 biggest local companies...
Without increasing the federal budget, the Government might sensibly redirect some of its stimulative spending?a bit less for the booming Sunbelt, a bit more for the Northern and Midwestern states, where the urban underclass is concentrated. In 1975, for every tax dollar sent to Washington from the Midwestern states, 760 returned; the Northeastern states got back 860; but the South collected $1.14 and the West $1.20. One reason for the disparity is that many corporations have their headquarters in the Northeast and Midwest, from which they pay taxe based on their total national sales. But there are other factors...
...Northeast appears to have more than enough reserve electrical capacity, but there is a power squeeze in parts of the rapidly growing Sunbelt. In South Texas, for example, the requirement that utilities convert the fuel for their generators from natural gas to coal-at the same time that industry is converting from gas to electricity-often forces Houston Lighting & Power to buy power from other companies. Completion of two large nuclear power plants in Texas in the early 1980s is expected to ease the squeeze...
...economy, there is one element of the business scene so bracing that Commerce Department officials become ecstatic when they talk about it. The flow of foreign funds into the U.S. has crested in a seemingly endless wave that is nourishing local economies from ailing New York to the striving Sunbelt states. Since 1971 total foreign direct investment has more than doubled from $13.7 billion to an estimated $30 billion in 1976. The Western Europeans, in particular, have been snapping at every investment opportunity-Midwestern farms to outright acquisitions of sizable companies. Says Richard Roberts, a senior international investment adviser...