Wee bit o' good news: WA tax collections up $5 million
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Washington’s wobbly economy has generated an unexpected $5.1 million in tax collections over the past month, exceeding the projections of last month’s revenue forecast.
That’s not much in the context of a $32 billion two-year state budget and there are still plenty of warning signs on the horizon as the state weathers both national and international concerns, says a new report out today from the Washington Economic and Revenue Forecast Council.
Total revenue is up 10.2 percent, year-over-year. The increase is 0.6 percent.
But chief economist Arun Raha writes that the state’s economic recovery is happening “slowly and hesitantly,” with volatile oil prices, trouble with Japanese imports, and other national and international conditions still cause for concern. The national recovery is "tentatively holding on." The state unemployment rate has improved a little bit, to 9.1 percent, despite government layoffs, with 7,500 net new jobs added in the past four months, the report says. New home construction has improved somewhat, but trade with Japan is temporarily slowed, he writes.
The House passed a new $32 billion state budget (HB1087) on Saturday and the Senate is expected to release its version Tuesday evening. The 105-day session expires on Easter Sunday.
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Secretary of State
Steve Hobbs
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