The Economic and Revenue Forecast Council released a report Wednesday indicating the state’s tax collections for the November 11 – December 10 collection period were $4 million, or 0.2 percent, higher than forecasted in November.
The Council reports that Washington jobs over the last two months have had a net increase of 4,400, with private, service-providing industries alone accounting for more than all of the job growth in September and October. However construction, manufacturing and public sector jobs saw a collective loss of 1,200. Aerospace employment is declining; down 2,300 jobs since reaching its peak in 2012. This decline is considered to be mild though as there remains a large backlog of orders and current reductions point to improvements in productivity.
The governor is using the November revenue forecast to construct his 2014 supplemental budget proposal. The 2014 regular session is scheduled to begin Jan. 13. Tax collections until then will help inform the next revenue forecast that is due February 19. The Legislature will use that forecast to draft the budget re-write it will send to the governor in March.