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Four times each year, three state economic and revenue forecasts must be prepared; an official forecast, an unofficial forecast based on optimistic economic and revenue projections, and an unofficial forecast based on pessimistic economic and revenue projections.

 

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  • The final U.S. economic forecast is based on the March 2017 IHS-Markit (Global Insight) and Blue Chip consensus forecasts.
  • Wages and salaries were $0.1 billion higher than believed in November and other sources of personal income were $0.3 billion higher.
  • The forecast expected 21,500 single-family and 17,700 multi-family units for a total of 39,200 units in the fourth quarter. It is worth noting that the variance was nearly entirely in the multi-family segment. Permits came down to earth in January 2017 as the number of housing units authorized fell to 39,100  (SAAR) of which 22,600 were single-family and 16,600 were multi-family.

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