Revenue Forecast
June 24, 2021
June Revenue Forecast Shows Strong and Growing State Economy
Overview The June revenue forecast again builds on the promising economic recovery we have seen in recent months. As a reminder, the June 2020 Revenue Forecast, released by the Economic and Revenue Forecast Council (ERFC), forecasted a precipitous economic decline as a result of the full shutdown in spring and early summer. While the September Revenue Forecast…
March 17, 2021
March Revenue Forecast Shows Strong Economic Recovery
The COVID-19 pandemic drastically changed the economic outlook in Washington state. The June 2020 Revenue Forecast, released by the Economic and Revenue Forecast Council (ERFC), forecasted a precipitous economic decline as a result of the full shutdown in spring and early summer. While the September Revenue Forecast and the November Revenue Forecast demonstrated significant recovery from June…
November 20, 2020
November Revenue Forecast Shows Continued, but Cautious, Growth
The COVID-19 pandemic has drastically changed the economic outlook in Washington state. The June Revenue Forecast, released by the Economic and Revenue Forecast Council (ERFC), forecasted a precipitous economic decline as a result of the full shutdown in spring and early summer. Fortunately, the September Revenue Forecast and the November Revenue Forecast, released Wednesday, have shown a…
September 24, 2020
September Revenue Forecast Shows Promising Recovery
The COVID-19 pandemic has drastically changed the economic outlook in Washington state. Fortunately, September Revenue Forecast, released yesterday by the Economic and Revenue Forecast Council (ERFC), details modest growth. This stands in stark contrast to the June Revenue Forecast, which forecasted a precipitous economic decline as a result of the full shutdown throughout spring and…
June 23, 2020
June Forecast Outlines Impact of COVID-19 Pandemic on State Revenue
The COVID-19 pandemic has drastically changed the economic outlook in Washington state. The projections detailed below demonstrate the sharp decline that the state economy has suffered in recent months, which stands in sharp contrast to the long period of growth that preceded it. In order to account for the losses discussed in the forecast below,…
May 6, 2020
Economic and Revenue Forecast Council Releases April Budget Outlook
On Thursday, April 30, the Economic and Revenue Forecast Council met to review and approve the April 2020 budget outlook. The budget outlook used the February revenue forecast and contained no major changes to revenues or appropriations for the 2019-21 biennium. During their meeting, the Council acknowledged that there will likely be changes to the…
February 20, 2020
February Revenue Forecast Shows Continued Growth
The Economic and Revenue Forecast Council (ERFC) released their February revenue forecast on February 19. The projected Near General Fund-State (GF-S) revenue forecast increased by $606 million for the 2019-21 biennium and by $536 million for the 2021-23 biennium. The report projects higher than forecasted revenue compared to the November revenue forecast. Here is a quick summary…
November 22, 2019
November Revenue Forecast Shows Increased Revenue, but Slowing Growth
The Economic and Revenue Forecast Council (ERFC) released their November revenue forecast on November 20. The final tabulation of Near General Fund-State (GF-S) revenue for the 2017-19 biennium was $46.081 billion, $5 million less than estimated in September. Projected revenue collections increased by $299 million for the 2019-21 biennium and by $181 million for the 2021-23…
October 23, 2019
Background on the State Revenue Forecast
The Office of Planning & Budgeting (OPB) publishes a summary of the state’s quarterly revenue forecasts. This primer provides background on revenue forecast reports, including helpful information about how to interpret and understand their contents. Who produces the report? The Washington State Economic and Revenue Forecast Council (ERFC) produces the revenue forecast, and is comprised…
September 26, 2019
September Revenue Forecast Indicates Slowing, but Continued Growth
The Economic and Revenue Forecast Council (ERFC) released their September revenue forecast. The projected Near General Fund-State (GF-S) revenue forecast for the 2017-19 biennium increased by $27 million. Projected revenue collections for the 2019-21 biennium increased by $447 million, decreased by $63 million for the 2021-23 biennium. The report projects similar growth to the June revenue forecast….
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