State economic & revenue forecast looking solid
Oregon Economist Josh Lehner and his colleagues often say, "Expansions do not die of old age."
This seems to hold true as Oregon's economic expansion moves into its eighth year.
While it's not as strong as it once was, it's still growing.
State Economist Mark McMullen presented the economic and revenue forecast to a joint meeting of the House's and Senate's revenue committees this week.
The forecast shows Oregon is still on solid economic ground, but state economists caution that policy changes can impact whether the economy continues to grow or not.
Lehner said in his blog, "Given the large uncertainty regarding specific federal policies, all eyes are on Washington D.C. at least until better clarity is given."
The forecast does show Oregon's labor market is outperforming other states and wages remain strong.
As we head into tax season, Lehner said in his blog, "Oregon's General Fund revenue outlook remains on track. Expectations are virtually the same as they were when the 2015-17 biennial budget was crafted two years ago. Personal income tax collections are currently expected to land within $4 million of the Close of Session estimate, with overall General Fund revenues expected to land within $113 million (0.6%) of the Close of Session estimate."
For more information, read Lehner's blog or the Oregon Economic and Revenue Forecast.