The City of Seattle’s Office of Economic and Revenue Forecast has published an update. Total General Fund revenues are approximately on-track , though the individual line-items vary. However, 2023 Payroll Tax revenues are projected to be $30 million less than originally budgeted, with Real Estate Excise Tax revenues down another …
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City of Seattle ARPA funds spending update
This week the Seattle City Council is hearing an update on how the city has spent the hundreds of millions of dollars of federal COVID relief funding granted to it through the American Rescue Plan Act.
Continue readingWashington state March 2023 economic forecast
The State of Washington has published its March 2023 economic forecast. It makes for interesting reading given the current mixed signals as to whether the country will enter a recession this year.
Continue readingState economic and revenue forecast update
The state’s Economic and Revenue Forecast Council has released its quarterly forecast update. Here’s the executive summary: I hope you found this article valuable. If you did, please take a moment to make a contribution to support my ongoing work. Thanks!
Continue readingCity of Seattle Revenue Forecast Update
Today the City of Seattle’s Office of Economic and Revenue Forecasts released its November update to its revenue forecast, which will provide final revenue numbers for the City Council’s 2023 budget. According to the forecast office, the 2023 General Fund total revenue forecast, according to their three economic scenarios: The …
Continue readingSeattle office space demand
Real estate company VTS has puslished its latest monthly office demand report, and the news is not good. Nationally, demand for new office spaces dropped 12% in August, to 46% of pre-pandemic levels. That’s a 47% drop compared to a year ago, and a 31% drop over the last quarter. …
Continue readingSafe Streets sidewalk permit strategy
During the COVID pandemic, the City of Seattle introduced a new, temporary “Safe Streets” permit that allows businesses to take over sidewalk space, and in some instances parking spots, to allow for more outdoor activity. The city is now strategizing on how to make the program permanent, with some modifications. …
Continue readingSeptember Economic Forecast
The Washington State Economic and Revenue Forecast Council has published its September update. Some highlights and lowlights: GDP forecasts are reduced for 2022 and 2023. Consumer confidence is up. Employment is a mix, with some sectors now above pre-COVID levels and others (like hospitality) still well below. Washington employment as …
Continue readingCity proposed updates to “Safe Start” outdoor permit program for businesses
This week the City Council will hear an update from SDOT on what it intends to propose for a revised version of its “Safe Start” permit program allowing business to put dining, vending, merchandise, and other activities outside their storefront. This presentation summarizes the proposed changes. I hope you found …
Continue readingState economic forecast update
The Washington State Economic and Revenue Forecast Council has issued its forecast update for June. This is a detailed report of national and state economic forecast indicators, with predictions for the next few years. Given everything that is in play at the moment — war in Ukraine, the ongoing COVID …
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