Kriss Sjoblom

State Revenue Collections Remain On Track

The Economic and Revenue Forecast Council released the January Economic and Revenue Update yesterday. Here is the summary: The U.S. economy is performing as expected in the last forecast, but downside risks remain extremely high. Washington’s economy is benefitting from solid performances by aerospace, software and agriculture. But overall growth is being held back by […]

OFM Posts 6-Year Outlook

The Office of Financial Management has posted a new six-year outlook for the state budget. OFM's analysis shows that, even with the cuts that Gov. Gregoire has proposed to close the deficit in the current biennium, the state faces budget deficits in the following two biennia under current law. The main culprits are restoration of […]

Scant Good News for Budget Writers in Report on November 11 to December 10 State Revenue Collections

The Washington State Economic and Revenue Council (EFRC) today issued its December Economic and Revenue Update. Here is the summary: The U.S. economy continues to “muddle through.” The risk of a renewed financial meltdown stemming from the European sovereign debt crisis remains high. We continue to expect Washington’s economy to outperform the U.S. in the […]

Trends in Washington's Life Sciences Industry 2007-2011

An economic impact analysis of the state’s life sciences industry by the Research Council was released today at the Washington Biotechnology and Biomedical Association’s Governor’s Life Sciences Summit and Annual Meeting. We estimate that the various segments of the life sciences industry directly employed over 33,500 people in the state in 2010. Those life science […]

State revenue forecast for 2011-13 reduced by $122 million

The state Economic and Revenue Forecast Council updated its forecast of general fund-state revenues today. The forecast for the 2011-13 biennium was reduced by $122 million, while the talley of revenue for 2009-11 was increased by $25 million. The net bad news was thus a reduction of $97 million. From the press release: Our current […]

October 11 to November 10 State Revenue Collections $22.5 Million Below Forecast

The Washington State Economic and Revenue Council (EFRC) today issued its November Economic and Revenue Update. Here is the summary: The U.S. economy has performed as expected in the last forecast, but the outlook remains extremely uncertain. Like the nation, the Washington economy has performed close to expectation. The state continues to benefit from strength […]

Preliminary September Employment Estimates Showing Washington Lost 18,400 Jobs Last Month Are Likely To Be Revised

The state Employment Security Department released preliminary estimates of September Employment this morning. These estimates show that the state lost 18,400 jobs (seasonally adjusted) from August to September; 7,600 of the lost jobs were in the private sector, and 10,800 were in the government sector. Preliminary job estimates are, on occasion, substantially revised when more […]

Foie Gras Tourism: Economic Development Opportunity?

According to an artcle in today's New York Times, Californian's are bingeing of foie gras in advance of the ban scheduled to become effective in July 2012.  Perhaps this ban will provide a tourism opportunity for Washington State, complimentary to our promotion of wine tourism. Foie gras tourism, of course, would be an even more […]

Washington State at the Top in STEM-Related Jobs

Data developed by the consultancy Economic Modeling Specialists, Inc. show that in 2011 Washington State had the highest concentration of jobs in STEM (science, technology, engineering and mathematics) occupations among the 50 states, lagging only the District of Columbia. In Washington, 11.5 percent of net jobs added between 2001 and 2011 were STEM-related. For the […]

Monthly State Revenue Collections Exceed Forecast by $10.6 million

The Economic and Revenue Forecast Council issued its monthly Economic and Revenue Update today. For the September 11 to October 10 collection period, collections exceeded the forecast by $10.6 million (1.1%). Quoting the Update's summary: The U.S. economy did not worsen in the last month, but the outlook remains extremely uncertain. The Washington economy is […]