New policy brief: Washington Revenue Review: Revenues Are Still Growing Strong, But for How Long?
Washington’s tax structure brings in revenues that are proportional to those in other states. Meanwhile, growth in state and local taxes from 2015 to 2016 was highest in Washington. In its November revenue forecast, the Economic and Revenue Forecast Council estimates that near general fund–outlook (NGFO) revenue will be $45.799 billion in 2017–19, $50.002 billion […]
October 22 , 2018 - WRC
New policy brief: Initiative 1631: Putting a Price on Carbon
This November, voters are being asked to approve Initiative 1631, which would impose a fee on fossil fuels sold or used in the state. The fee would be based on the quantity of greenhouse gases released when the fuel is combusted. The initial rate for the fee would be $15 per carbon dioxide equivalent metric […]
October 17 , 2018 - Emily Makings
Minimum wages in Washington will increase in 2019 (plus, notes from several recent additions to the minimum wage literature)
In 2019, the state minimum wage will increase to $12.00 (from $11.50 in 2018). This rate was established in I-1433, which voters approved in 2016. The minimum wage will then increase to $13.50 in 2020, and after that it will be indexed to inflation. The minimum wage in three cities is higher than the statewide […]
October 11 , 2018 - Emily Makings
Washington’s value of agricultural production was $10.6 billion in 2017
The value of agricultural production in Washington increased 3.8 percent to $10.6 billion in 2017. Apples were the number one commodity by value, at $2.4 billion (23.0 percent of the total). The chart below shows the top five commodities by value. The second chart rounds out the top ten by value. According to the National […]
October 10 , 2018 - Emily Makings
Washington still has the nation’s highest workers’ comp benefit costs (and there’s a new Oregon study)
Today the National Academy of Social Insurance (NASI) released its annual report on workers’ compensation benefits. Also today, the Oregon Department of Consumer and Business Services released its biennial study of workers’ compensation premium rates across states. The NASI report shows that for 2016, Washington had the nation’s highest benefit costs per covered worker, at […]
September 19 , 2018 - Emily Makings
Workers’ comp rates may decrease 5 percent in 2019
The Department of Labor & Industries has proposed that average workers’ compensation rates decrease 5 percent next year. According to L&I, this means that premiums paid would drop by a total of $136 million. L&I says, “employers and workers focusing on safety, and L&I initiatives that are helping injured workers recover sooner and reducing workers’ compensation […]
September 18 , 2018 - Emily Makings
Washington may be ready for a near-term recession, but we’re not ready for one in the next biennium
Moody’s estimates that 23 states have enough funds in reserve to get through a moderate recession, as reported by Route Fifty today. Those 23 states include Washington. The estimates are based on “a downturn that happens almost immediately.” But Route Fifty also reports that Moody’s “puts the highest odds for the next recession as hitting […]
July 09 , 2018 - Emily Makings
Washington’s average annual wage now tops $60,000
The Employment Security Department (ESD) reports that the state’s average annual wage was $61,887 in 2017—a 5 percent increase over 2016. According to ESD, “The industries with the largest average wage growth in 2017 were retail trade, up 14.5 percent; information, up 8.2 percent; and accommodation and food services, up 6.9 percent.” A number of […]
June 13 , 2018 - Emily Makings
New special report: Manufacturing Jobs Part II: Education and Workforce Development Strategies to Close the Skills Gap
In a new special report, we continue our series on manufacturing jobs with a look at education and workforce development strategies. The executive summary follows, and you can read the full report here. Manufacturers in Washington state face ongoing workforce challenges. The strong economy and growing retirements from the Baby Boom generation have created substantial […]
April 24 , 2018 - Emily Makings
New economic profile: Banking in Washington
Banks provide thousands of good jobs and generate thousands more through their economic activity. They provide access to the capital needed by new and established businesses alike. For individuals and families, they offer a safe place to deposit earnings, save for the future, and borrow money. And through their philanthropic activity, they support programs and […]