State revenues recovering slowly – still below peak
After yesterday’s forecast, we received some questions about how state revenues have performed historically. Kriss put together a graph showing Near General Fund State (NGFS) collections, including the forecast through 2013. These projections show tax receipts not climbing back to 2008 levels until the end of the biennium. This chart, tracking NGFS spending since 2000, […]
November 17 , 2011 - Kriss Sjoblom
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 […]
November 11 , 2011 - Kriss Sjoblom
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.