State revenue forecast shows increased revenue, but growth slowing

Last month the Washington State Economic and Revenue Forecast Council released the State’s quarterly revenue forecast, projecting a $1.46 billion increase in state revenues for the current 2021-2023 biennium to a total of $63.2 billion and a $632 million increase for the 2023-2025 biennium, which begins July 1, 2023. 

The State’s Chief Economist, Steve Lerch, attributed the increased state revenue projections to high inflation and continued stronger-than-expected revenue collections.  Despite the positive forecast, Lerch indicated that the State’s revenue growth appears to be slowing and much economic uncertainty remains due to rising interest rates, higher inflation, and other global factors such as the Russia-Ukraine conflict.

The next state revenue forecast is scheduled for September 23rd.  Click here to watch the June 22nd Forecast Council meeting.