The Economic Revenue Forecast Council’s (ERFC) November Revenue Review highlights continued but modest revenue growth since the September quarterly review but underscores the threat of increased COVID-19 infection rates to the state’s economy.

The November revenue review does not assume a new stimulus package from the federal government, nor does the economic forecast consider the new state restrictions. Furthermore, the state’s employment growth is slower than projected as of the September forecast, and there are fewer job openings in the last two months than previously expected. Washington residents have reduced consumer spending and personal income is lower than projected.

Although the pandemic-related threats to the economy have grown, Washington’s revenue collections remain constant. The state’s REET collections have spiked far above the September forecast, and assessed values of existing properties is expected to rise in the coming year. Cannabis sales have increased by over $10 million in the last biennium and are anticipated to grow by an additional $20 million during the 2021-2023 biennium.

In total, the state’s general fund is projected to be roughly $600 million higher than what was projected for the 2019-21 biennium. The 2021-23 general fund is approximately $300 million higher than September projections.

For more information regarding the November forecast, as well as updates to the state’s fiscal growth factor, visit the ERFC’s revenue review meeting materials.