Washington’s revenue collections saw a slight increase in September compared to the state’s June forecast, ahead by more than $20 million, according to a state report.
The state’s Economic and Revenue Forecast Council, which produces the report, said revenue collections are expected to increase just $8.4 million more than the last forecast for the rest of the biennium that ends next year, for a total increase of $29 million.
“Our September economic forecast for Washington is a bit stronger than the forecast adopted in June based on slightly stronger employment growth, a slightly stronger housing market, and a higher level on personal income,” the council said in the quarterly report released Wednesday.
The report said the forecast called for minimal increases largely based on a mostly unchanged June national forecast.
However, it noted two major changes of higher oil prices, which adds to national and regional inflation, as well as assumed slower productivity growth that should slightly raise job growth in the state.
The council said it expects the national economy to experience a continued slow recovery with slow job growth, high unemployment and weak confidence. The Legislature and governor use the council’s projections to prepare the state budget.