Seattle-Bellevue-Everett, WA (Metropolitan Division), Employment, Hours, and Earnings from the CES survey (State and Area), Create Customized Maps -- Unemployment Rates. Revenue collections since the November forecast are $593 million (9.0%) above expectations. Copies of the full study and the digest were distributed to members of the Washington Legislature, just in time for the start of the 2020 Legislative Session. An official website of the United States government Here is how you know . In the three month period since the November ERFC forecast was released, “employment declined 1,100 which was a 66,300 worse outcome than the increase of 65,200 expected in the forecast.”. The .gov means it's official. The state has … State and local governments combined had lost over 1.3 million jobs. UPDATED: December 7, 2020 This quarterly forecast includes our analysis of current economic conditions and our objective projections of future revenue for state trust funds and their beneficiaries. Washington’s unemployment rate reached 7.1% in December, up from 5.7% in November. The governor’s Healthy Washington – Roadmap to Recovery plan is a region-based plan. The two most common indexes of inflation are the Consumer Price Index (CPI) and the U.S. information you provide is encrypted and transmitted securely. From February to December, 9 state governments reduced their employment by over 10%. Federal government websites often end in .gov or .mil. If you get something from our coverage, please consider making a donation to support our work. “Now that the economy is strong, I urge the Legislature to ensure that the 2019-20 budget prepares the state to ride out the next economic downturn,” concluded Treasurer Davidson. Florida. Here is a more in-depth look at what ERFC reported. According to U.S. Department of Commerce, Bureau of Economic Analysis (BEA) income estimates for the third quarter of 2020, Washington personal income fell from $544.4 in the second quarter to $534.2 billion (SAAR) in the third quarter of 2020. For Economic and Revenue Forecasts from 2013 and prior years, contact the Office of Budget and Economics by phone at 360-902-1730, by fax at 360-902-1775, or by email at ... Economy at a Glance SHARE ON: ... Washington; Data Series Back Data July 2020 Aug 2020 Sept 2020 Oct 2020 Nov 2020 Dec 2020; Labor Force Data. The state benefits from access to abundant low-cost energy, and Washington's significant renewable energy resources, especially hydroelectric power, are a major contributor to the state's economy.1,2,3 The Columbia River, second only to the Mississippi in volume of water flow among the nation's rivers, enters Washington near the state's northeastern corner and flows in an arc through the eastern half of the state. The deficit increased from $576.9 billion in 2019 to $681.7 billion in 2020, as exports decreased more than imports. Table A4.1 Selected Inflation Indicators (Price Deflator, U.S. CPI, Seattle CPI) 2. Within that act, a new community development program was created that allows governors in every state to establish Opportunity Zones. Implicit Price Deflator for Personal Consumption (IPD). Source: U.S. Bureau of Labor Statistics SEATTLE—Buoyed by its rapidly expanding economy, Washington state is on a ... in venture capital investment flow to 194 companies in 2020. Data for the territories is from Worldbank.org. OLYMPIA – Washington’s economy added 52,500 jobs in May and the state’s preliminary seasonally adjusted monthly unemployment rate for May decreased from 16.3 percent to 15.1 percent according to the … Seattle’s seaport has four container terminals and a completely automated grain terminal. ERFC found that the reported 7.3% decline in Washington personal income was the 10th lowest among the states and District of Columbia and was significantly better than the 10% rate of decline for the U.S. as a whole. Washington state jobless claims dip as hiring picks up across U.S. Washingtonians filed 11,760 new unemployment claims last week, a 9.2% decrease from the previous week. New Quarterly Census of Employment and Wages (QCEW) data subtracted 20,900 (0.6%) from the estimated level of total employment in October 2020. Utah is the top state for economy. - November 2020 Long-Term Economic Forecast - April 2019 Washington Trends: Economy, Population, Budget Drivers, Revenues, Expenditures - A variety of trend information focusing on the period since 1980. The United States' largest concentration of STEM (science, technology, engineering and math) workers reside in Washington state. Here is how you know. The Agriculture sector is focused on expanding markets for Washington’s 300 crop commodities as well as manufactured foods through the elimination of trade barriers, reduced and streamlined regulations, and increased efficiencies in transportation, while managing and protecting the state’s precious natural resources and existing farmlands. Population: 21,299,000. The seasonally adjusted number of new vehicle registrations increased 15.6% in January to 312, 600 which ERFC notes was the highest level since November 2018. ERFC found that Washington housing construction improved in the fourth quarter of 2020 and slightly exceeded the forecast. Due to the lower-than-expected employment growth in November, December, and January, employment is 87,200 (2.6%) lower in January than expected in the November forecast. Private services-providing sectors lost 7,400 jobs in November, December, and January, weighed down by the loss of 19,900 jobs in leisure and hospitality. Before sharing sensitive information, 2021-2023 budget proposal. Civilian Labor Force 3,920.4 3,886.1 The upward trajectory of these figures have been cited in some transportation proposals of late. ... 2020 … Washington is the nation's largest producer of hydroelectric power. Open the December 2020 monthly employment report (State and Seattle (1) Number of persons, in thousands, seasonally adjusted. Where can I find the current rate of inflation? The Grand Coulee Dam is the largest producer of hydro-electric energy in the U.S. Washington earnings growth in construction, retail trade (including electronic shopping), and information (predominantly software publishing and other IT services such as internet publishing and web search portals) all significantly outperformed the U.S. average. While ERFC underscored that the COVID-19 pandemic limits predictability, revenues are on the In September, he preliminary forecasts are then reviewed and discussed by the Governor’s Council of Economic Washington’s above average figures with respect to personal income can be attributed to above average earnings growth, wrote ERFC. The alliance is a diverse group of more than 20 military and economic development leaders representing industry, infrastructure, veteran, workforce and economic development interests across the state. Washington’s economy added 44,500 jobs in July and the state’s preliminary seasonally adjusted monthly unemployment rate for July rose slightly from 10.0 percent to 10.3 percent according to t… Single-family construction has fully recovered to prerecession levels but multi-family construction remains lower. Economic indicators could exceed expectations if faster than expected COVID vaccine distribution leads to greater consumer confidence, a return to more typical spending patterns and increased employment. While ERFC underscored that the COVID-19 pandemic limits predictability, revenues are on the right track. In March of 2020, Governor Inslee issued Proclamation 20-23 UTC - Ratepayer Assistance (Proclamation 20-23) which directed all essential utilities in Washington State to suspend disconnection of utilities for nonpayment. Inslee reconvened the Washington Military Alliance to strengthen Washington’s $15.7 billion military sector and plan for Department of Defense reductions. Economic Resilience Team Newsletter 5-13-2020. (@Eric_deP) on November 23, 2020 at 8:09 am Washington State is facing a budget shortfall of $4.6 billion through 2023, just one of the many shockwaves from the COVID-induced recession that has crimped the budgets of families and governments alike. Proclamation 20-23 directs essential utilities to waive late fees, work with affected utility The U.S. international trade deficit increased in 2020 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. ERFC produces preliminary economic forecasts for the U.S. and Washington. Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the third quarter of 2020, as real GDP for the nation increased at an annual rate of 33.4 percent. Employment growth to average 2.2% per year in 2022 through 2025 compared to the 1.7% average rate expected in November. It forms much of the boun… https:// ensures that you are connecting to the official website and that any Housing units, July 1, 2019, (V2019) 3,195,004: Owner-occupied housing unit rate, 2015-2019: 63.0%: Median value of owner-occupied housing units, 2015-2019 Consumer economies — like that of the United States, where consumer spending accounts for 70% of economic activity — are highly exposed to slowdown in a pandemic. Congress recently passed the Tax Cuts and Jobs Act. The Washington State Economic and Revenue Forecast Council (ERFC) has released it’s June 2020 preliminary economic forecast. Economic development. Housing construction got off to a very strong start in the first quarter of 2021. A 1.3% increase in Washington employment this year which is. Washington ranks first in the nation for production of apples, pears, sweet cherries, hops and asparagus. What data says about personal income in Washington, What data says about housing and home prices in Washington, What factors could alter the trajectory of economic indicators. The manufacturing sector managed an increase of 1,200 jobs in spite of the loss of 1,300 aerospace jobs. Inslee released his 2021-2023 budget proposal that focused on COVID-19 response and recovery, including significant funds to strengthen the public health system. 737 … (r) Revised, Data extracted on: 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. make sure you're on a federal government site. The monthly employment report is a comprehensive report on Washington’s job market. Public service journalism is important today as ever. March 12, 2021. This was the first increase in the state’s jobless rate since July. Despite the increase in December, the unemployment rate is down significantly from the 16.3% rate reached in April which was an all-time high in the series that dates back to 1976. Thanks for reading our stuff. On a less optimistic note, ERFC expects deep cuts in aerospace employment during 2021 as Boeing’s overall production has been pared down and 787 production has moved to South Carolina. These zones are intended to help stimulate investment and job growth in low-income communities. Additionally, Washington car and truck sales surged in January to their highest level in more than two years. Table A4.2 Chain-weighted price indices Additional information concer… Note: More data series, including additional geographic areas, are available through the "Databases & Tables" tab at the top of this page. Gov. Values of these indexes are published by the Office of the Forecast Council in the quarterly economic and revenue forecast publication, which contain the following tables: 1. State Economic Forecast Beata Caranci, SVP & Chief Economist | 416-982-8067 James Marple, Director & Senior Economist | 416-982-2557 Admir Kolaj, Economist | 416-944-6318 Johary Razafindratsita, Economist | 416-430-7126. The state has a large volume of seaborne foreign trade with Asia. Single-family permits averaged 26,600 units in the fourth quarter and multi-family permits averaged 19,100 units. Taking a recession into account, the ERFC now expects Real GDP to decline 5.8% in 2020 followed by a 4.0% increase in 2021. (p) Preliminary Gov. In the United States overall, state government employment had dropped 6.3% from February 2020 to January 2021 and local government employment had fallen by 6.8%. The percent change in real GDP in the third quarter ranged from 52.2 percent in Nevada to 19.2 percent in the District of Columbia. Among the primary takeaways ERFC provides in their economic reviews is how the revenue picture looks. The numbers would also trend downward if Congress does not pass additional fiscal stimulus legislation, which is unlikely. Footnotes Unemployment rate: 3.3% 2019 job growth: 2.5% (222,300) 2020 job … It’s followed by Colorado , Idaho , Washington and Massachusetts to round out the top five. The number of housing units authorized by building permits increased to 45,600 (SAAR) from 42,600 in the third quarter. The Forecasts An official website of the United States government State forecasters now expect a $3.8 billion decline in tax revenue for the remainder of the 2019-2020 budget cycle and an additional $3.27 billion decline in … The number of new vehicle registrations increased 11.8% over the year in January. Employment Security Department #20-029 FOR IMMEDIATE RELEASE – June 17, 2020 Contact: media@esd.wa.gov Washington economy added back jobs during May. On the other end of the spectrum, durable manufacturing, which includes aerospace, was a major drag on Washington earnings growth in the third quarter. May 14, 2020 ... May 5 kicked off Phase 1 of the four-phase “Safe Start” process to safely reopen Washington’s economy. (2) In percent, seasonally adjusted. The site is secure. Federal government employment declined by 3,200 jobs. But if COVID vaccine distribution slows and infection rates increase, ERFC writes that the state could see a slower pace of economic reopening, reduced consumer spending and employment. Construction employment increased by 4,300 jobs. State and local government employment increased by 3,900 jobs. The Washington State Economic and Revenue Forecast Council (ERFC) released their latest economic review this week, finding positive trends in the context of ongoing economic uncertainty. The state's COVID-19 risk assessment dashboard provides data about COVID-19 activity in each county/region as well as a link to a weekly report showing which phase each region is in. Average income per head in 2009 was $41,751, 12th among states of the U.S.