State revenues continue to beat expectations, as reported by the Economic and Revenue Forecast Council Tuesday. Washington continues to both outperform projections and lead the nation in key economic indicators. The state economy seems to be on a roll.
So, this week, the Friday Roundup pulls together a series of recent stories and state-by-state rankings of economic performance. Some of this will be familiar territory to our regular readers.
- Earlier this month, we reported that Washington ranked No. 2 on CNBC’s “Top States for Business” list. Last year, we were No. 1.
Washington did best in workforce, economy and quality of life. Our marks for cost of living, cost of doing business, and business-friendliness are of concern.
- In April, Geek Wire reported on 2017 Wallet Hub study that also placed Washington No. 1 among the states.
Credit reporting site WalletHub compared all 50 states and the District of Columbia across 27 metrics for economic health and opportunity in the report…
Washington ranked No. 1, driven by factors like strong gross domestic product growth, exports per capita, and percentage of high-tech jobs.
- The widely-cited Forbes “best states for business” rankings in 2017 (new report expected in November) placed Washington No. 11. As we noted at the time,
Washington gets high marks in labor supply, growth prospects and economic climate. The state falls down in business costs, regulatory environment and quality of life.
- Washington posted the nation’s fastest economic growth in 2017, as reported by Washington State Wire in May.
The US Bureau of Economic Analysis released its data on GDP growth by state in 2017 and it turns out Washington State was at the top.
The state had a GDP growth rate of 4.4%, first among all states. No other state was over 4%. The national GDP growth was 2.1%.
- In June, Business Insider ranked Washington No. 2 – actually, first among the states, Washington D.C. came in No. 1 (?!) – on its measures of labor market growth and economic health.
Business Insider combined six measures of labor-market and general economic health for all the states and the District of Columbia. They are the unemployment rate, job growth, per-capita GDP, GDP growth, average weekly wages, and wage growth…
Washington state’s April 2018 average weekly wage of $1,168 was the second-highest among the states and DC, and its non-farm payroll job growth rate of 2.8% between April 2017 and April 2018 was the fourth-highest.
- We’d be remiss if we did not also call attention to our recent Opportunity Washington Scorecard update, with the focus on the Employ (economic vitality) dimension.
Digging into the data underlying the overall Employ score, we find Washington ranks 17th (near the top third of all states) on the State Business Tax Climate rankings published by the Tax Foundation…
Also included in our metrics is a straightforward calculation of business tax burdens produced by the Council of State Taxation. COST finds that Washington imposes the nation’s 3rd highest state and local business tax burden per employee. This high cost tax ranking offsets the positive bump Washington gets from the Tax Foundation ranking.
- The Association of Washington Business this week pointed out that the state business tax structure has contributed to Washington’s economic health.
In all, the state has done well despite what several reports have cited as a challenging cost structure. There are always proposals to change things, even more of them pop up in an election year. The question that must be asked: Will these proposals enhance or curb the state’s extraordinary economic vitality?