September 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 a whole is now 32,000 above February 2022; the unemployment rate is now 3.7%, a record low since 1976.
  • Industrial production is up; residential construction is slowing.
  • Inflation has eased, but is still high and a worry for consumers. Inflation is particularly high in the Seattle area.
  • Seattle home-price appreciation seems to be slowing.
  • Washington exports increased 28% from Q2/2021 to Q2/2022, mainly due to a Boeing resurgence.

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