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 a still stagnant construction sector, and declining state and local government budgets.
• Major General Fund-State revenue collections for the December 11 – January 10, 2012 collection period were $28.9 million (2.6%) lower than the November forecast, but most of the shortfall was due to earlier-than-expected property tax payments that were already received last month.
  Cumulatively, collections since the November forecast are $9.2 million (0.3%) lower than forecasted.
• Without $12.0 million in unexpected one-time net refunds which occurred during the period, cumulative collections would have been $2.8 million (0.1%) above the forecast.

There is nothing in the Update to suggest significant changes in the next revision to the revenue forecast (due on February 16).