Two nice facts about Washington's economy

The BLS reports that average weekly earnings for private nonfarm employees was $1,048.73 in Washington in 2016. This ranked 1st among the 50 states. (Link)

Washington’s average weekly earnings for production workers on manufacturing payrolls was a bit higher, $1,099.07, which ranked 3rd among the states. (Link)

Revenue forecast gives budget writers an additional $571 million for the 2017-19 budget

The state Economic and Revenue Forecast Council (ERFC) held its quarterly meeting today. The forecast of general fund–state (GF–S) revenue for the current biennium (2015–17) increased by $247.4 million to $38,227.1 million. The forecast of general fund-state revenue for the upcoming biennium (2017–19) increased by $303.0 million to $40,816.7 million, and the forecast of general fund-state revenue for the subsequent 2019–21 biennium increased by $186.0 million to $43,841.6 million. From 2015–17 to 2017–19 GF–S revenue growth equals 6.8 percent; from 2017–2019 to 2019–21, 7.4 percent.

June employment report shows state lost 500 jobs last month

The state Employment Security Department issued its employment report for June this morning. The preliminary estimate is that seasonally-adjusted employment in Washington fell by 500 from May to June. (Note: this figure is seasonally adjusted. The unadjusted employment estimates show the state gained 18,000 jobs from May to June.)

Offsetting some of this bad news, the estimate of April to May seasonally-adjusted job growth was revised up to 9,000, from the preliminary gain of 8,700 jobs announced in last month's report.

June 11 – July 10 state revenue collections were $67.4 million greater than had been forecast

This afternoon the Economic and Revenue Forecast Council issued its monthly Economic and Revenue Update. Here is the key news on revenue:

2015-17 General Fund-State revenue forecast increased by $293.5 million

The state Economic and Revenue Forecast Council held its quarterly meeting on Wednesday. The official forecast of general fund–state (GF–S) revenue for the current biennium (2015–17) increased by $293.5 million to $37,430.8 million from the $37,137.3 million that had been forecasted in February. The forecast for 2017–19 was increased by $126.4 million to $40,251.6 million.

May 11 – June 10 state revenue collections were $77.8 million greater than had been forecast

This morning the Economic and Revenue Forecast Council issued its monthly Economic and Revenue Update. Here is the key news on revenue:

David Brunori slams Oregon proposal to tax gross receipts of corporations

Over at the Tax Analysts Blog, David Brunori has a nice post on the Oregon initiative to impose a new gross receipts tax on corporations (Gross Receipts Taxes Are, Well, Gross).

New Special Report: Rent Control

We have a new Special Report on rent control, which is available here. Briefly, rent control in a city:

Revenue forecast reduced

The Economic and Revenue Forecast Council met this morning in Olympia to issue its quarterly update to the state revenue forecast. For the current 2015–17 biennium, the forecast of general fund state revenues was reduced by $67 million to $37.137 billion, while for the 2017–19 biennium the forecast was reduced by $442 million to $40.125 billion.

January 11 – February 10 state revenue collections were $23.7 million greater than forecast

This afternoon the Economic and Revenue Forecast Council issued its monthly Economic and Revenue Update. Here is the key news on revenue:

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