Growth rate of Washington’s economy is slowing, new report finds

Dec 6, 2019
Written by wpengine

The Washington State economy is expanding at a rapid but slowing pace, according to the state’s latest economic and revenue forecast.

The 119-page report notes that the state growth rate in personal income was the highest in the nation in 2018. It added that the state unemployment rate is near its all-time low.

Other highlights and notations:

  • Economists expect a 1.9% rate of growth for employment this year.
  • They expect employment growth rates to decline to 1.1% in 2020 through 2023.
  • Economists expect inflation to average 2.1% per year in 2020 through 2023.
  • For the current biennium, state revenue collections that are totaled monthly show receipts that are $135 million more than forecasted.
  • Current import tariffs from China have been factored into the findings.

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