September revenue forecast maintains growth

State revenues continue to improve in both the current and future biennial budgets, according to a new outlook report on Friday.

The September revenue forecast projected an increase of $927 million in the current 2021-23 biennium and $931 million in the next biennium, 2023-25, during a presentation to the Washington State Economic and Revenue Forecast Council.

Uncertainties remain as the state wrestles with a rise in COVID-19 cases and hospitalizations in past weeks, along with supply chain issues in some sectors and possible increases in inflation. However, economic trends continue to hold and the state economy is expected to outperform the national economy in both employment and personal income growth.

The forecast assumed that the Congressional Infrastructure Investment and Jobs Act will pass and builds on strong monthly revenue reports which came in higher than projected in every month since the last revenue forecast in June.

The ERFC will produce one more forecast this year on November 19th, which the governor will use to craft his supplemental budget to be considered during the 2022 legislative session.