The state Economic and Revenue Forecast Council has released its latest monthly update. The news continues to be good.
Major General Fund-State (GF-S) revenue collections for the December 11, 2017 – January 10, 2018 collection period came in $87.8 million (5.9%) above the November forecast. Cumulatively, collections are now $121.4 million (3.4%) higher than forecasted.
The state economy continues to outperform the nation.
In December, the U.S. Department of Commerce, Bureau of Economic Analysis (BEA) released state personal income estimates for the third quarter of 2017. According to these estimates, Washington personal income rose to $418.3 billion (SAAR) in the third quarter of 2017 from $414.1.0 billion in the second quarter. The reported 4.1% growth rate (SAAR) in Washington personal income was the highest among the states and District of Columbia and exceeded the 2.7% growth rate for the U.S. by a large margin.
Third quarter Washington personal income growth was boosted by very strong growth in information earnings, which are difficult to adjust for seasonality. Washington personal income excluding information earnings grew 3.0% in the third quarter, which was seventh best in the U.S. and still exceeded the national average of 2.7%. Over the year, Washington personal income grew 4.6%, which was also highest among the states and DC and easily surpassed the 2.6% rate for the U.S. as a whole.
As lawmakers address the state’s supplemental budget, this helps.