Oregon Legislature Revenue Forecast

Posted by Pam Leavitt on May 29, 2024

This week, the Capitol will be bustling again for the first time since they adjourned from the Legislative Session on March 7th. The quarterly “Legislative Days” are a chance for appointments, networking, and committee meetings. Interim committee meetings are scheduled and are important for legislators and the public to get Office of Economic Analysis’ June 2024 Revenue Forecast updates on new laws created by recent legislation, reports from task forces, and a preview of what is likely coming in the 2025 session.

Today, the Office of Economic Analysis’ released the June 2024 Revenue Forecast.  Their executive summary stated: “The U.S. economy remains in an inflationary economic boom, albeit one that has cooled somewhat over the past year and a half. Real GDP is growing above potential. Ongoing employment and income gains allow households to spend even as prices are rising faster than the Federal Reserve’s target. Given the strong economy, the Fed has yet to cut interest rates. The outlook indicates the Fed will begin to reduce interest rates late this year, only after further slowing in inflation is seen in the data.”

From House Democrats: “The revenue forecast issued today indicates that, statewide, Oregon’s economy is stable and growing. Our state will have the funding we need to continue paying for the critical ongoing programs that Oregonians rely on, thanks to prudent budgeting and strong leadership. It’s also encouraging to see steady productivity and solid labor market gains, as well as job growth in the semiconductor industry, both in the near- and long-term, due to jobs-boosting bills like the CHIPS Act.”

From Senate Republicans: “Today, the Office of Economic Analysis presented the quarterly revenue forecast which indicates, despite big surpluses, significant economic challenges are ahead due to stagnant growth and high inflation. Adopting a more disciplined approach to the state’s finances would help lessen the burden on taxpayers and improve economic stability.”

More information on today’s forecast can be found here: Oregon Economic and Revenue Forecast, June 2024 | Oregon Office of Economic Analysis

In addition, to this hearing, the House Interim Commerce and Consumer Protection Committee had an overview from the DCBS Director, Andrew Stolfi, on the Division of Financial Regulation.

Posted in Advocacy on the Move, Oregon Advocacy.