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Survey: Tennessee Businesses Generally Optimistic

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Business leaders in Tennessee are more optimistic about their home state’s economy than that of the nation, according to the latest survey from the Boyd Center for Business and Economic Research. In its Tennessee Business Leaders Survey Summer 2026 Report, the Center, part of the Haslam College of Business at the University of Tennessee, Knoxville, reported that 57% of respondents to its August 2026 Survey expect the state's economy to improve over the next 12 months, while only 33% said the same about the US economy. Additionally, almost 64% of respondents thought the state was on the “right track”. About 30% expect to increase employment over the next 12 months, while almost 55% expect employment levels to "stay about the same”. Finally, about 35% expect their respective companies to increase capex expenses in the coming year, while 45% said their capex spend will remain at current levels. 
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Study: Washington State’s Proposed Millionaires Tax May Impact Employment and GDP

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A new report from the Washington Policy Center and the Buckeye Institute concludes that “Washington's 9.9% income tax on earnings above $1 million (Senate Bill 6346) would bring in money for the state but leave Washington with fewer jobs, less economic growth, and less business investment than it would have had without the tax”. It notes that “establishing a new income tax risks future legislatures raising the initial tax rate and inevitably levying the tax on ever-lower income thresholds” and that “although the tax generates additional state revenue, economic activity weakens, with output, employment, consumption, and investment falling below their respective baselines”.
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Ohio: Bayer Announces Plans to Build New Pharmaceutical Facility

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German pharma company Bayer has announced that it will build a new pharmaceutical manufacturing plant in New Albany, Ohio. According to a press release from the office of Ohio Governor Mike DeWine, the company will invest $2.2 billion in the project, which "is expected to create around 600 high-value jobs in the New Albany International Business Park and roughly 1,500 construction jobs during the facility’s construction”.
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New York Fed: Healthcare Has Been The Key Driver Of Employment Growth in NYS

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  A presentation deck released today by the Federal Reserve Bank of New York’s Director of Research contains the below exhibit on New York State employment growth. The exhibit illustrates the three month average y/y employment growth  for the state by sector, and provides graphic evidence of what most people intuitively believe - it’s been all about healthcare. Apart from some modest gains in government, financial services and business services, the majority of the y/y payroll growth in New York State over the past year has come from healthcare. As the exhibit illustrates, leisure and hospitality has been the worst performing employment sector over this period. The below exhibit is reproduced from the New York Fed’s presentation deck.
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Study: US Farm Income Highly Concentrated

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A new study by the American Farm Bureau Federation finds that farm income in the United States is highly concentrated among a few states. Using USDA data, the study found that four states, California, Texas, Iowa and Nebraska accounted for more than 30% of the total US net farm income in 2025. The state rankings were similar for gross farm revenue and farm production expenses. Finally, the study concluded that ten states “accounted for more than 50% of the nation’s real gross farm income” in 2025. The below exhibit is reproduced from the American Farm Bureau Federation’s press release.
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Creighton Index Stays in Expansion Territory in September

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The Creighton University Mid-America Business Conditions Index moved slightly lower m/m in September, but remained above neutral for the eighth consecutive month according to a press release from the University. The Business Conditions Index fell to 55.7 in September from 57.1 in August. Similarly, the employment index fell 2.6 points m/m to 51.8. Many respondents reported that tariffs and the Iran conflict are pressuring their businesses. The individual state business conditions indexes that make up the survey, Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma, and South Dakota, all posted m/m dips but remained at a 50+ expansion level.
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Study: Decline in International Students Caused $1.1 Economic Loss in US in 2025

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A new study from NAFSA: Association of International Educators finds that the drop in international student enrollment in the Fall 2025 semester produced a total economic loss of $1.1 billion for the US. The study estimates the state-by-state share of this assumed aggregate loss. Not surprisingly, California is estimated to have suffered the largest economic loss at $161.9 million, followed by New York at $152.5 million.
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