The Capitol Record

Revenue up $22 million more than expected in latest economic update

The Economic Review and Forecast Council released an update on the state’s economy today, providing a preview to the quarterly revenue report that will come out later this month.

The news was cautiously optimistic: Revenue is about $22 million higher than expected since the last forecast in June.

Growth has been a “bit stronger” than expected — the state has added 10,300 jobs in the last two months, which is 3,500 better than economists had predicted. Still, uncertainty remains “very high,” interim director Stephen Lerch said.

On the downside, rising rents in Seattle are driving up inflation faster than the national average. Rents in Seattle have risen 3.9 percent over the last year, compared to 2.2 percent for the rest of the nation.

The council also formally voted to hire Lerch to be the new director of the council at today’s meeting, a move that was announced earlier this week.

Full video of the meeting below:

TVW web services made possible by:
Powered by: