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State revenue forecast reveals more pessimism in long term Print E-mail

Oregon’s quarterly state revenue forecast, released this morning, provided a mixed bag of information for state lawmakers.

The September forecast shows that state revenues are up by $80.6 million in the current biennium, compared to the June forecast.  However, state economists project a softening economy for the longer term, with predicted revenues in the 2013-2015 biennium down $262.9 million compared to the previous forecast. Revenue growth for the 2013-15 biennium is now projected at 11%.

The quarterly revenue forecast reflects the accompanying economic analysis that warns that the economic outlook for the state during the next two years is more pessimistic than in recent forecasts. Looking forward, economists predict a soft economy with slower-than-predicted revenue growth over the next 10 years.

The forecast, delivered by State Economist Mark McMullen to the joint legislative revenue committees outlined a series of risks facing the state and national economies like Europe’s continuing financial crisis, a slowdown in Asian trade and uncertainty about federal spending and economic policy. He also included some signs of economic hope including an improving state and national housing market and a positive ending fund balance.

This page was last updated on Tuesday, October 23, 2012 .