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Tag: Washington economy

WA lawmakers & new gov gird for grueling session

WA lawmakers & new gov gird for grueling session

Washington lawmakers and incoming Gov. Jay Inslee are arriving in Olympia for a grueling budget-year legislative session that begins at high noon on Monday. The 63rd Legislature and the newly elected governor face a big budget shortfall — perhaps $2 billion, counting pay raises, rising cost of services for a growing and graying population and a state Supreme Court order to invest more in the state’s public schools.  Democrat Inslee and a number of legislators say they will try to…

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Suddenly, some rosy economic news for WA

Suddenly, some rosy economic news for WA

Light at the end of the tunnel: Washington economists are projecting a $96 million increase in the state’s revenue. Coupled with news that state government will save $330 million in lower caseload costs and that House Republicans will support closing a banking tax loophole, it could mean lawmakers can avoid calling a special election to ask voters to boost the state sales tax a half-cent for the next three years. It also makes it more likely that the Legislature will…

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WA revenue forecast plunges another $1.4 billion

WA revenue forecast plunges another $1.4 billion

Economic recovery seems “like a mirage in the desert” and Washington’s economic forecast has been chopped by another $1.4 billion. Will there be a special session of the Legislature? The grim news came at a meeting at the Capitol of the bipartisan Economic and Revenue Forecast Council.  House budget chief Ross Hunter said lawmakers now face the the prospect of slicing perhaps $2 billion out of a $30 billion budget that has been repeatedly “scrubbed” during the Great Recession. State…

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Wee bit o’ good news: WA tax collections up $5 million

Wee bit o’ good news: WA tax collections up $5 million

Washington’s wobbly economy has generated an unexpected $5.1 million in tax collections over the past month, exceeding the projections of last month’s revenue forecast. That’s not much in the context of a $32 billion two-year state budget and there are still plenty of warning signs on the horizon as the state weathers both national and international concerns, says a new report out today from the Washington Economic and Revenue Forecast Council. Total revenue is up 10.2 percent, year-over-year.  The increase is…

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`Anemic’ recovery: Tax collections off $68m

`Anemic’ recovery: Tax collections off $68m

The hits keep on coming … A new report from the Washington Economic and Revenue Forecast Council says the U.S. economy is anemic, with the ever-present possibility that the recovery will stall out. Job growth is wimpy, the housing market has collapsed, consumers are hesitant to spend, and Europe’s debt and austerity woes are troubling. Against that backdrop, in recent weeks the state economy also has stumbled, writes chief economist Arun Raha. He does note some upsides: exports to Asia,…

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WA economy slowly recovering

WA economy slowly recovering

It’s a slow, hard uphill climb, but Washington’s battered economy is slowly recovering. A new report out from the state Economic and Revenue Forecast Council on Thursday, a preview of the June forecast, paints a somber, yet sort-of-optimistic, picture of recovery.  The economy has grown in each of the last three quarters, consumer sales have been stronger than forecast, and jobs are being created again, writes chief economist Arun Raha.  He adds: “Consumers appear to be willing to spend in…

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New WA revenue forecast: Up a bit

New WA revenue forecast: Up a bit

State revenue collections are “bumping along the bottom” and the expected economic recovery is still just around the corner, revenue experts said today in releasing a good news-bad news update. Bottom line is that actual revenue is up a hair, about $31 million since the November forecast, but when combined with an adverse state Supreme Court tax ruling, the new total is  down about $118 million. Coupled with a new caseload forecast this week that requires lawmakers to pony up…

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