State-focused exchange traded funds (ETFs) are currently in registration with the Securities and Exchange Commission (SEC). But maybe no one is in a hurry to launch them just yet – some states look like they’re in a recession.

A survey of fiscal directors for all 50 states came to that conclusion after finding out that finances for many states have badly deteriorated, reports Andrew Welsh-Huggins for the Associated Press. The outlook for the fiscal year that starts July 1 for most states doesn’t look a whole lot better.

As discretionary income is being devoured by spiking grocery bills and energy costs, and the falling housing market means fewer people are rushing to the furniture store, state tax revenue is dropping off.

The gap in Delaware is $69 million. In California, a $16 billion budget shortfall is projected over the next two years.

The first state ETF, covering Oklahoma, was expected to launch this month. There are also a number of other state-focused ETFs in the pipeline.