The Economic and Revenue Forecast Council released the last official revenue projections for 2018. And, as expected, it boosted expectations. While this increase may be seen as rather modest, the cumulative trend is impressive. From the press release.
The Near General Fund-State (Near GF-S) revenue forecast for the 2017-19 biennium has increased by $163.4 million, and revenue for the 2019-21 biennium has increased by $195.5 million. The Near GF-S includes the General Fund-State, Education Legacy Trust Account and Washington Opportunity Pathways Account and provides the fullest picture of resources available for budget purposes.
Nationally, while the economy continued to add new jobs in October, U.S. residential construction activity and sales slowed. Major threats to the U.S. and Washington economies remain, including international trade concerns, geopolitical risks, and a maturing economic expansion.
The growth has been remarkably consistent.
From the concluding slide in the presentation,
• WA personal income is higher than in September as a result of revisions to historic data
• As has been the case for some time, Washington’s economy is continuing to outperform the nation
Near GF-S revenues are expected to grow 17.3% between the 2015-17 and 2017-19 biennia and 9.2% between the 2017-19 and 2019-21 biennia
The level of uncertainty in the baseline remains elevated, with downside risks outweighing upside risks
This forecast frames the governor’s budget, which will be released next month. Add a strong state economy to the list of things to be thankful for this year.