Washington state revenue collections between January 11th and February 10th continued to exceed forecasted expectations, according to the February Economic & Revenue Update produced by the Economic and Revenue Forecast Council. Collections came in $269.5 million higher for this period than forecasted in November. Collections are now $592.6 million or 9 percent higher than forecasted.
The increase for this period is due in large part to revenues associated with sales and use taxes, business and occupation taxes, and taxes on tobacco products. The report notes the Washington unemployment rate decreased to 6.3 percent, an improvement from the 6.7 percent in the January update.
Exports from Washington continued to decline however, for a ninth consecutive quarter. Additionally, job growth remained stagnant in this period.
Next month, the Economic and Revenue Forecast Council will adopt an updated revenue forecast. Budget leaders in the Legislature will use that forecast to guide the development of their 2021-23 budget proposals.