City of Seattle Economic Forecast and Revenue Update

Last week the city’s new Office of Economic and Revenue Forecasts presented its April update to its forecast of the city’s economic situation, and of its revenue forecast for city government for 2022.

The city’s employment recovery is finally catching up with national levels, though the leisure and hospitality sectors are lagging significantly while the professional/business and information sectors are now above early 2020 levels.

(there are plenty more details of the economic forecast in the document below)

The city’s revenue forecast for 2022 has been significantly raised, with $32.5 million additional in “general fund” revenues and another $57.3 million in other revenues — include an increase of $43.6 million in the expected payroll tax revenues.


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