State budget writers received good news this week as Washington’s tax revenue for the month of July came in $73 million over expectations.
State Economist Steven Lerch pointed to strong commercial property sales and increases in B & O and retail sales taxes as the main drivers of the increase. Lerch says those indicators highlight Washington’s continued recovery from the effects of the recession.
In addition to higher than expected tax revenue, Lerch says Washington added 6,600 jobs during the month of June, the most since January and 2,900 more than the June economic forecast anticipated.
Lerch will meet with members of the Economic and Revenue Forecast Council in September to deliver his quarterly report. Those reports provide the foundation for the Legislature to write Washington’s biennial and supplemental budgets.