Blog

Update on personal income, consumer spending and saving rates during the COVID-19 recession

Here are updates of charts I have posted monthly regarding national income and consumer spending during the COVID-19 recession, including new numbers for October and revisions to numbers for prior months. Personal Income in October was 0.5% greater than in September and 13.9% less than the peak reached in March, which was boosted by the […]

With November revenue and caseload forecasts and increased reversions, the four-year outlook has a very high unrestricted ending balance of $8.651 billion

As I noted yesterday, the state has an estimated $7.356 billion more in revenues from funds subject to the outlook (NGFO) than was expected at the end of the 2021 legislative session. Additionally, the November caseload forecast indicates that the cost of continuing current services for this biennium will be $645.8 million less than expected […]

State revenues are $7.356 billion higher than expected at the end of the legislative session

As Kriss wrote Friday, the state revenue forecast is up again. Chart 1 shows how much biennial revenues from funds subject to the outlook (NGFO) have grown over the past few decades. Even adjusted for inflation, actual NGFO revenues for 2019–21 were 40.9% higher than the pre-Great Recession peak. Adjusted for inflation, NGFO revenues for […]

Forecast of state revenues increased

At its quarterly meeting today, the state Economic and Revenue Forecast Council (ERFC) updated its forecasts of state revenues. These new forecasts add more than $1.9 billion to the amount available over the current and next bienniums. Budget reports from legislative fiscal committees typically roll up four accounts: the general fund–state, the education legacy trust […]

November report on state tax collections

The most recent monthly report on general fund revenue collections from the state’s Economic and Revenue Forecast Council (ERFC), which was issued yesterday afternoon, once again shows overall revenues above forecast. This is getting to be boring For the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco […]

Paid family and medical leave premiums will increase in 2022; this is one of several expected payroll tax increases for next year

According to the Employment Security Department (ESD), premiums for paid family and medical leave will increase to 0.6% beginning Jan. 1, 2022. The premium for this program is paid on gross wages up to the Social Security cap ($147,000 in 2022). The rate can range from 0.1% to 0.6%; if the balance ratio is sufficiently […]

Update on personal income, consumer spending and saving rates during the COVID-19 recession

Here are updates of charts I have posted monthly regarding national income and consumer spending during the COVID-19 recession, including new numbers for September and revisions to numbers for prior months. Personal Income in September was 0.1% less than in August and 15.1% less than the peak reached in March, which was boosted by the […]

Washington’s revenue growth since the Great Recession is currently the second strongest in the country

State revenues from funds subject to the outlook (NGFO) are estimated to be substantially higher through the outlook period (2019–21, 2021–23, and 2023–25) than was expected when the 2021–23 budget was adopted this spring. The June revenue forecast added $3.675 billion in economic changes (not including tax changes the Legislature made) and the September revenue […]

October report on state tax collections

The monthly report on general fund revenue collections from the state’s Economic and Revenue Forecast Council (ERFC), which was issued this morning, shows overall revenues above forecast. For the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and interest (collectively the Revenue Act […]

Value of agricultural production in Washington was $10.2 billion in 2020, up 7.2% from 2019

According to the National Agricultural Statistics Service (NASS), the value of agricultural production in Washington was $10.181 billion in 2020. That’s an increase of 7.2% over 2019. The top ten commodities in Washington in 2020 were apples, milk, wheat, potatoes, cattle, cherries, hay, hops, grapes, and eggs. The charts show the value of these commodities […]