Economic Forecast
Behind the Numbers
- We have updated the preliminary February economic forecast. The new forecast reflects a more recent national forecast and more up-to-date state employment and wage data.
- The updated economic forecast is consistent with the February 2012 revenue forecast released February 16, 2012.
- Our current economic forecast is very similar to our November forecast, with the same muddle-through conditions expected for the rest of the biennium, along with a high degree of downside risk.
- The Washington economy is recovering about as expected. There have been no major developments since November that have altered the outlook significantly.
Forecast Data
During a typical forecast cycle, the Chief Economist and staff of the Forecast Council (ERFC) meet with the Forecast Work Group to discuss the preliminary U.S. and state economic forecasts.
ERFC produces preliminary economic forecasts for the U.S. and Washington. The preliminary forecasts are then reviewed and discussed by the Governor’s Council of Economic Advisors (GCEA) in the presence of the Governor and members of the Economic and Revenue Forecast Council.
Once the final economic forecasts for the U.S. and the state are completed, work begins on the General Fund-State revenue forecast. The economic forecasts are completed first because data from the economic forecasts are used to produce the revenue forecasts.
- February Economic Review Council Meeting on TVW