The state’s latest revenue forecast released today shows slow but steady economic and job growth with a $9 million ending fund balance increase for the 2011-13 biennium and a $16 million increase for the current 2013-15 biennium. You can view the forecast by the Economic and Revenue Forecast Council here.
You can find forecast coverage by the Associated Press here and TVW’s Capitol Record blog here.
The forecast finds most sectors have been slowly increasing employment with the exception of aerospace and federal government. Aerospace is down a total of 2,300 jobs since reaching peak employment in November 2012. This is believed to be a mild downturn as there is a large and increasing backlog of orders to be filled. Aerospace reductions are considered to be due to improvements in productivity rather than a decrease in production.
Gov. Jay Inslee will use this forecast to construct his 2014 proposed supplemental budget to be released in December. The 2014 regular session is set to begin Jan. 13.