{"id":91,"date":"2005-11-18T16:49:00","date_gmt":"2005-11-18T23:49:00","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=91"},"modified":"2010-01-22T19:09:43","modified_gmt":"2010-01-23T03:09:43","slug":"state-revenue-continues-to-bubble","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2005\/11\/18\/state-revenue-continues-to-bubble\/","title":{"rendered":"State Revenue Continues To Bubble"},"content":{"rendered":"

Here’s the latest installment of “Government Revenue Bubble<\/a>,” courtesy of the Tacoma News-Tribune:<\/p>\n

Washington’s hot economy, still surging with a mighty assist from construction and real estate sales, will boost state income by more than $300 million, forecasters said Thursday.<\/p>\n

But in the same breath, economists warned of a slowdown, and Gov. Christine Gregoire and key legislators cautioned against a spending spree in the upcoming legislative session.<\/p>\n

“There’s a lot of risk out there,” said state budget director Victor Moore.<\/p>\n

It’s a tempting target: The new revenue update, reflecting the fourth quarterly revenue surge in a row, brings the state’s reserves to more than $1.4 billion, roughly 5 percent of the state budget.<\/p>\n

Chief economist ChangMook Sohn’s new analysis for the state Revenue Forecast Council presumes a cooling of the red-hot housing market and consumer spending, and projects continuing high oil prices.<\/p>\n

The housing bubble hasn’t popped yet, but a cool-down probably is imminent, Sohn said. National housing starts dropped 5.6 percentage points last month, he noted.<\/p>\n

“There are many signs that housing is peaking,” he said. “We have been expecting that for a long time.”<\/p>\n

In Washington, the real estate and construction sector are responsible for half of the new $304.9 million windfall announced by the council. The state will collect another $100 million just from the tax on real estate transactions.<\/p><\/blockquote>\n

We’ll see if they can resist the urge to sink the money into recurring expenses. I have to say I’m quite surprised and somewhat suspicious that the Governor-for-now “cautioned against a spending spree.” Usually there’s nothing the government enjoys more than spending our money (on programs that are for our own good, of course<\/i>).<\/p>\n

(David Ammons, Tacoma News-Tribune<\/a>, 11.18.2005<\/i>)<\/p>\n","protected":false},"excerpt":{"rendered":"

Here’s the latest installment of “Government Revenue Bubble,” courtesy of the Tacoma News-Tribune: Washington’s hot economy, still surging with a mighty assist from construction and real estate sales, will boost state income by more than $300 million, forecasters said Thursday. But in the same breath, economists warned of a slowdown, and Gov. Christine Gregoire and…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[612,198,1],"tags":[226,171],"coauthors":[],"class_list":["post-91","post","type-post","status-publish","format-standard","hentry","category-local","category-news","category-uncategorized","tag-sohn","tag-tax-revenues"],"yoast_head":"\nState Revenue Continues To Bubble \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2005\/11\/18\/state-revenue-continues-to-bubble\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"State Revenue Continues To Bubble \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"Here’s the latest installment of “Government Revenue Bubble,” courtesy of the Tacoma News-Tribune: Washington’s hot economy, still surging with a mighty assist from construction and real estate sales, will boost state income by more than $300 million, forecasters said Thursday. 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