The states economic woes continued, with yesterdays revenue forecast showing a much-feared lower rate of tax collections, as well as news that Washingtons unemployment rate went up last month.
According to the report, Washingtons tax revenues are projected to drop $247 million by July 2003 below levels predicted just three months ago.
The total two-year revenue forecast for 2001-2003 is $21 billion.
This leaves a budget shortfall of $1.6 billion.
Meanwhile, Washingtons seasonally adjusted unemployment rate rose 0.1 percent to 7.5 percent in January, while the manufacturing sector lost 31,900 jobs, Employment Security Commissioner Sylvia Munday announced yesterday.
The national recession has hit the Pacific Northwest harder than the rest of the nation, with Washington having one of the highest unemployment rates in the nation.
The unemployment rate in the United States is 5.6 percent.
More Stories From This Author
Commerce offers up to $5 million to non-profit organizations assisting underserved entrepreneurs and small businesses
OLYMPIA, WA – Non-profit organizations with a history of assisting Washington state small businesses are invited to apply for grants…
August 15, 2022 1:30 am
Tacoma Housing Authority Finalizes Purchase of North Highland Court Apartments
Tacoma, WA – The Tacoma Housing Authority (THA) has acquired the North Highland Court apartment complex. Located at 3015 North…
August 15, 2022 1:29 am
Washington State Library receives $149,668 grant from the Institute of Museum and Library Services
OLYMPIA — Washington State Library, a division of the Office of the Secretary of State, was awarded a $149,668 grant…
August 10, 2022 1:30 am