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Session News: Forecast shows state revenue growth, but its slowing

The Washington State Economic and Revenue Forecast Council published the state’s quarterly revenue forecast today; the first since the start of the 2024 legislative session. Since the last forecast in November, revenue is projected to increase by $122 million for 2023-25 with general fund revenue totaling $63.58 billion for the biennium, which is up $53.4 million. For the upcoming 2025-27 biennium, general fund revenue is forecasted at $68.06 million, an increase of $168.6 million from November.

The forecast of revenue dedicated to the Workforce Education Investment Account (WEIA), which funds many higher education priorities, is now estimated at $855.7 million for the 2023-25 biennium and $909.9 million for the 2025-27 biennium. Both are up slightly from the November forecast.

Washington job growth has been stronger than expected compared to November with an expected increase of 1.4% in employment this year. Additionally, the state’s unemployment rate remains low at 4.2%. However, Seattle-area consumer price inflation continues to outpace the national average and home prices are declining.

Overall, the forecast shows that while the economy is still growing, growth is starting to slow.

For questions, contact the Office of State Relations here.