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.