The Washington State Economic and Revenue Forecast Council has posted its monthly revenue update for January indicating that revenue collections between December 11, 2018 and January 10, 2019 came in slightly above the November forecast.
Cumulatively, this raises collections to 2.4 percent above the forecast projection which came out in November once you back out unplanned, one-time payments to the state.
The report notes rapid growth in personal income in Washington. Additionally, Washington’s unemployment rate remained the same at 4.3%, continuing the third consecutive month that the state’s unemployment rate has been at an all-time low dating back to 1976.
Monthly collection reports will help to inform the next quarterly forecast of state revenues due out March 20. The Legislature will use that forecast to write the 2019-21 biennial operating budget it will send to the governor this spring.