The June 10 update from the Economic and Revenue Forecast Council shows collections coming in close to forecast.
Major General Fund-State revenue collections for the May 11 – June 10, 2015 collection period were $3.2 million (0.2%) lower than the June forecast. During the collection period, there was a $5 million refund that had been expected to occur next month. Without the refund, collections would have been $1.8 million (0.1%) higher than forecasted.
The Washington Research Council points out that timing plays a role.
Receipts from the Public Utility District privilege tax were $$8.9 million greater than forecast. As this was due to a number of early payments, PUD privilege tax receipts are likely to be $8.9 million below forecast next month.
Some positive economic news in the update:
In the last three months the Washington economy added 17,200 jobs, a solid 2.2% rate of growth (SAAR). As is usually the case, most of the jobs created in February, March, and April were in private, service-providing sectors, which added 12,700 jobs.
…Housing construction got off to a very strong start in 2015 as the number of units authorized by building permits soared to 53,600 (SAAR) in the first quarter of 2015, the highest quarterly rate since the first quarter of 2007.
…According to the U.S. Department of Commerce, Bureau of Economic Analysis (BEA), Washington gross domestic product rose to $390.5 billion in 2014 from a revised $379.0 billion in 2013. The 3.0% increase in Washington GDP was the 8th largest among the states and District of Columbia, and substantially exceeded the 2.2% increase for the U.S. as a whole.
We encourage you to read the updates. Maybe not quite fascinating, but always informative.
