State economist sees no sign of recession

Nov 27, 2019
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Written by Washington Retail
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Despite prior warnings to the contrary from others, the state economist does not currently see a recession ahead for Washington.

“We certainly don’t see anything that says yes, a recession is coming,” economist Steve Lerch told the Economic Revenue and Forecast Council last week. He was presenting a state revenue update at the time.

Lerch noted that job growth has slowed but unemployment remains low. He said tax revenues are up from property, real estate excise and marijuana taxes that allows for a $299 million revenue increase in the 2019-21 general state operating budget. The report serves as a starting point for the Legislature to consider budget amendments when it meets again in January.

At the meeting, House Appropriations Chairman Timm Ormsby, D-Spokane, said he did not anticipate major impact to the general fund from voter approval of I-976 that called for a decrease in car registration fees.

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