Office of Financial Management

Moderately slower growth in national and Washington economies leads to 0.6% drop in forecast

OLYMPIA – Washington’s projected Near General Fund revenue collections through 2029 decreased by around $903 million from the June 2025 forecast, according to estimates released today by the Washington State Economic and Revenue Forecast Council.

The changes in the forecast are primarily the result of a weaker taxable sales forecast for retail and construction, lower state agency revenues, and a reduction in projected real estate excise tax returns, according to the ERFC.

Nonpartisan report also projects rising prices and about 31,900 fewer jobs by 2029 in Washington

OLYMPIA – Washington state’s total population grew by an estimated 79,400 — to 8,115,100 as of April 1, 2025, according to annual estimates prepared by the Office of Financial Management.

Washington is growing, though it is doing so much slower than the annual average from last decade (79,400 in 2025 compared to 98,200 from 2010–20). The population is growing slower than last year, with an unadjusted growth rate of 1%. Looking at the current decade as a whole, the population has increased by 408,790 since April 1, 2020, which represents an increase of 5.3%.

OLYMPIA – Washington’s projected Near General Fund revenue collections through 2029 increased by around $8 billion from the March 2025 forecast, according to estimates released today by the Washington State Economic and Revenue Forecast Council.

As May marks Women’s Health Month, maternal health care in Washington is at a pivotal moment. A recent report published by the Washington State Office of Financial Management reveals a new overall decline in the state’s birth rate, a rise in the costs of giving birth, and continued disparities in costs and access to maternal care depending on race and socioeconomic background. The findings serve as a call to action to address disparities and improve care for every mother and child in the state.

April's economic snapshot is now available:

• April 2025 Washington Monthly Economic Report [PDF]

This month we have added trends on Washington imports and exports. We have also highlighted the possible impacts of a potential suspension of Boeing deliveries to China (p. 12).

Washington’s projected Near General Fund revenue collections through 2029 decreased by $845 million overall from the November 2024 forecast, according to estimates released today by the Washington State Economic and Revenue Forecast Council.

The forecast is comprised of revenue estimates for the current biennium (2023–25) which ends June 30, 2025, the next biennium (2025–27), and the subsequent biennium (2027–29).

Work to identify potential savings and efficiencies continues

OLYMPIA — On Day 43 of his administration, Governor Bob Ferguson proposed a plan to save approximately $4 billion. Ferguson’s proposals:

If you know a state employee who consistently excels beyond expectations, you have until February 14 to nominate them for either the Extra Mile Award or the Leadership Award.

They could be a coworker, your employee, your supervisor, or a whole team (section, division or department) - anyone who you think has made a meaningful impact and deserves recognition for their dedication to public service.

Today, Gov. Jay Inslee released a balanced budget proposal that protects progress on the programs and services that working families and businesses depend on — public safety, education, early learning, housing and behavioral health.