Latest state revenue collections report shows cumulative collections beating forecast by 2.6%.

State tax collections continue to roll in above expectations, according to the most recent report from the Economic and Revenue Forecast Council. Here’s the bulleted summary:

  • U.S. employment increased by 235,000 jobs in August; the unemployment rate decreased to 5.2%.

  • U.S. consumer confidence declined in August.

  • For the 12 months ending August 2021, consumer prices increased by 5.2% (SA).

  • Washington employment is now 125,400 (3.6%) lower than at its February 2020 peak.

  • Seattle-area consumer price inflation matched the national average.

  • Major General Fund-State (GF-S) revenue collections for the August 11, 2020 – September 10, 2021 collection period came in $72.3 million (3.7%) higher than forecasted in June.

  • Cumulatively, collections are now $162.0 million (2.6%) higher than forecasted.

This suggests that when the ERFC meets to update the June forecast later this week, there will be another upward adjustment. The Washington Research Council has more here.