Washington State Economic and Revenue Forecast Council Quarterly Forecasts • November Forecast informs the Governor’s Budget in December • February Forecast informs the Legislature in March for Biennial budget
November Forecast indicated a $681M revenue increase for the 2023-2025 Biennium ($66B) • The Washington economy continues to expand but inflation remains high and housing has weakened • Slowdown still expected, but later and from a higher revenue base than September Forecast
Monthly Update: • January – Major revenue collections are $83.3M (1.4%) higher than November Forecast
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