State tax collections for the past month were slightly higher than expected, as indicated in a report released this morning by the state’s Economic and Revenue Forecast Council.
Collections for the June 11 through July 10 collection period were $7.5 million, or 0.6 percent, higher than forecasted in June. Revenue Act collections were also up slightly at $4.9 million, or 0.5 %, higher than last month’s forecast.
Washington’s employment growth has slowed in the past month and declining homeowner vacancies has shown a tightening in the housing market. However, for the U.S. light motor vehicle sales in June were the highest they have been since 2007 and U.S. employment grew by 195,000 jobs, just above the average monthly increase of 182,000 over the last year.
The Council will issue its next revenue forecast for the state on September 18.