December 18, 2017
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Economic revenue forecast shows continued economic growth and higher tax collections



The monthly update from the Economic and Revenue Forecast Council (ERFC) showed higher state tax receipts and a continued strong economy. The ERFC’s Dec. 11 monthly report says Washington's employment remains strong, manufacturing jobs are rebounding and state tax collections are above the most recent forecast.

The U.S. labor market gained 228,000 net new jobs in November and U.S. gross domestic product grew by 3.3 percent in the third quarter. Washington's employment growth is also strong, according to the report, with total nonfarm payroll employment in Washington increasing by 18,100 in September and October -- that's a strong 3.3 percent annual rate of growth in Washington's employment, even faster than the 3 percent growth rate last year.

As the economy expands, so do tax collections. The state's revenue collections over the past months came in $33.7 million above the forecast, or 1.6 percent higher.

Opportunity Washington looked over the report here.



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International Growth Zone



Northwest Startup Supporters Grow U.S.-Canada Economic Ties

By Benjamin Romano, editor, Xconomy Seattle

There's a new network organizing the incubators, accelerators, and investors fostering innovation in the Pacific Northwest on both sides of the U.S. - Canada border.

Business collaboration across the 49th parallel is having a moment, thanks in no small part to a dramatic divergence in immigration policies between the two countries this year that have prompted U.S. tech companies to establish or grow their presence in Canada to access talent from around the world.

The Cascadia Venture Acceleration Network (CVAN) is focused on collaboration at the grass-roots level of the innovation economy -- specifically the cleantech, life sciences, and IT industries -- in the broad area known as Cascadia, encompassing Washington, Oregon, and British Columbia, Canada.

Read the full column in Xconomy Seattle
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