The Economic and Revenue Forecast Council met yesterday in a meeting that’s of interest primarily because it foreshadows what might be expected from the official revenue forecast June 20. Based on what we saw, legislators don’t need to wait for the 6/20 forecast. It’s unlikely to alter the revenue picture much.
ERFC director Steve Lerch reviewed the national and state economic outlooks and the state’s revenue collection experience since the March official revenue forecast. The meeting can be viewed on TVW. As Lerch said in his opening comments, “You’re not going to see a lot of big changes.”
The meeting materials include a series of slides, including these two.
There will be another collections report released Monday, June 12.
Washington continues to be in a stronger economic position than the nation as a whole. Yet, as we have emphasized before, unemployment rates vary dramatically within the state and many rural counties continue to struggle.