September Revenue Forecast Up

This morning the Washington Economic and Revenue Forecast Council met to hear the latest revenue projections for the state.

According to State Economist Steve Lerch the combined effect of a recovering economy and tax changes approved by the Legislature this past session are expected to generate $368 million in additional revenue for the biennium. Approximately $123 million is due to actions taken by the Legislature with regard to tax breaks and tax reforms.

In addition the forecast predicts an additional $342 million in new revenue for 2015-17, the majority of which ($249 million) is due to legislative and other non-economic factors.

Lerch stated “There has been little dramatic change in the economy since our last forecast and we continue to expect a slowly improving economy…While we still anticipate an expanding housing market, higher mortgage rates and home prices will slow activity relative to our June forecast.”

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