New revenue collections report shows March 11-April 10 state tax receipts beat forecast by 4.6 percent, $47 million

Some good fiscal news from the Economic and Revenue Forecast Council. The monthly Economic and Revenue Update reports,

Major General Fund-State revenue collections for the March 11 – April 10, 2016 collection period came in $47.0 million (4.1%) above the February forecast. Cumulatively, collections are now $73.6 million (3.3%) higher than forecasted. More than half of the cumulative surplus came from real estate excise taxes.


The report also takes a look at the U.S. and state economies.  Other bullet points from the ERFC summary:

 U.S. employment increased by 215,000 net new jobs in March.

 The third estimate of real U.S. GDP growth for the fourth quarter of 2015 was increased from 1.0% to 1.4% at an annual rate.

 U.S. light motor vehicle sales fell below 17 million units (SAAR) to their lowest level since May 2015.

 Seattle home prices continue to rise rapidly and now exceed the 2007 peak.

 Washington personal income growth in 2015 slightly exceeded the national average.

As usual, the report contains a lot of useful information, presented clearly and concisely. It’s worth your time.