The state’s revenue forecast increased by $1.5 billion over the February forecast. This is another positive report as the state prepares to write the biennial budget next year, although this growth is also expected to level off in future years.

Like the last forecast, increased state revenues are driven by continued economic recovery, strong sales tax, slower but strong real estate sales, and continued impacts of inflation. Risks to the forecast include rising interest rates, continued impacts of inflation, recession predictions, and international unrest related to the conflict in Ukraine.