The Washington Economic and Revenue Forecast Council released updated figures today, May 11.
Revenue collections for April – May, 2012 were $7.6 million (0.7%) lower. Cumulatively, revenue collections are coming in as predicted, only $9.6 million (0.3%) higher than forecasted.
According to the council, Washington and the Nation’s economies have been sending “mixed signals, with recent weak employment and GDP growth, but also higher disposable personal income, strong auto sales, and signs that the housing market may be stabilizing. Further, Washington’s employment growth has outpaced the modest growth expected in the February forecast, but earlier estimates were revised down, resulting in the current level of employment lower than anticipated. Housing construction was also stronger than expected in the first quarter of the year but prices remain weak. Risks in terms of oil and gasoline prices and the European financial crisis are all contributing to uncertainty in the future.
The council states that revenue collections are coming in as predicted and total collections for the past three months since the February forecast are only $9.6 million (0.3%) higher than forecasted.
For the council’s complete report visit the link below: