Washington State Estimated Budget Shortfall Released

The State’s revenue forecast (taxes and fees collected) for 2011-2013 has fallen by $698 M + $80 M. The Seattle Times suggests the two-year budget short fall could exceed $5 Billion. (Corrected: I previously omitted the +$80M).

You can read the report – its available here.

A reason for the revenue downturn is perhaps captured in these two charts from the report:

Washington’s Software technology sector has slowed considerably with annual employment growth rates forecast to reach 5% in 2012,  down from 10% in recent years and 20% at the peak of the dot com boom and bust:

There are a great many interesting charts in the linked document highlighting many growth areas such as exports.

Last year’s unemployment rate revised upwards

The Bureau of Labor Statistics, which revises its data annually, now says Washington’s jobless rate hit 10 percent in December 2009 and stayed there for the first two months of 2010, topping the U.S. unemployment rate.

Previously, the state jobless rate reported was between 9.2 and 9.5 percent, below the national rate.

via Business & Technology | State’s jobless picture in 2010 was worse than thought | Seattle Times Newspaper.

The BLS made an unusually large revision to last year’s unemployment estimates for the State of Washington, now indicating that the unemployment one year ago was worse than then thought. I was unable to readily locate information specific to Spokane regarding the revisions.

Following chart created by InlandNW blog. Data is from the U.S. BLS except for Jan 2011 from WorkForceExplorer.com which I understand comes directly from the BLS. February 2011 data will be made available next week. In 2005-2006, 2008-2010, the February unemployment estimate has been greater than January. In 2007, the February estimate was less than January’s estimate. Hopefully 2011 will be a year where February is less.

All of the original raw data appears after the break … if you want to see it.

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