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 […]
November 02 , 2011 - Richard S. Davis
A look at the budget math for the special legislative session (and the general)
In my column in The News Tribune this morning, I examine the tough math facing lawmakers and the governor as they try to balance the state budget, which now faces a $2 billion gap between available revenues and planned spending. The economy, under the most optimistic growth scenarios, will not grow fast enough to fill […]
October 31 , 2011 - Richard S. Davis
Boeing CEO explains what business wants from the other Washington
A good op-ed by Boeing CEO Jim McNerney appears in today’s Wall Street Journal. For the good of the nation, our elected leaders must now find it within themselves to pass sound laws, regulate judiciously, and put aside escalating tactical political battles. If the super committee succeeds [in its deficit-reduction mission], the White House and […]
October 19 , 2011 - Kriss Sjoblom
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 […]
October 11 , 2011 - Kriss Sjoblom
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 […]
October 11 , 2011 - Kriss Sjoblom
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 […]
September 30 , 2011 - Emily Makings
From the Auditor: An Inventory of State Regulations
The state auditor’s office is undergoing a series of audits “to determine whether Washington’s business regulations are streamlined, transparent and consistent.” Today, they released an inventory of all state regulations, by agency. There is an Excel spreadsheet for each agency showing licenses, permits and inspections required by each. The information includes the purpose of license/permit/inspection, […]
September 23 , 2011 - Kriss Sjoblom
Four Charts on Washington Personal Income
Yesterday the Bureau of Economic Analysis updated its estimates of state-level personal income, with numbers through the 2nd quarter of 2011 (BEA press release). The new numbers show that the recession in personal income was longer and deeper than previously thought. Here are updates, using the new data, of 4 charts I posted last March.
September 15 , 2011 - Kriss Sjoblom
September Revenue Forecast: Down $1.4 Billion
The state Economic and Revenue Forecast Council is meeting right now. The baseline forecast for the general fund-state account is down $1.413 billion from the June forecast. An alternate baseline, which assumes slower growth in national GDP in 2013, is down $1.429 billion from the June forecast. Here is a link to the press release.
September 12 , 2011 - Richard S. Davis
Revenue collections report offers a bleak preview of Thursday's forecast
The economic and revenue forecast council’s latest collections report is available here. Here’s the crux: Major General Fund-State (GF-S) revenue collections for the August 11 – September 10, 2011 collection period were $9.5 million (0.9%) below the June forecast. Cumulatively, collections are $40.2 million (1.2%) below the forecast. Even though revenues have so far been […]