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.

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