Washington State’s Latest Monthly Economic and Revenue Review Released

Posted by Joe Adamack on August 18, 2026

Each month the state’s Economic and Revenue Forecast Council releases an update on recent state revenue collections and various US and state-specific indicators that provide a snapshot of economic activity.

From a credit union advocacy perspective, it’s an important tool as state tax revenues factor directly into state budgeting decisions and provide a window into what legislative tax and spending debates will look like in the next year. Additional texture stems from trends in housing, auto purchases, employment levels, and other items of interest to what state residents — 5.5 million of which are credit union members — are doing with their dollars.

While state revenue came in 6.2% higher than forecasted, a proxy for economic activity and consumer spending decisions, other indicators highlight some downward trends.

Notable takeaways:

• Washington state job growth in July was weaker than forecasted in June, with unemployment insurance claims ~1,000 more than the recent months and long-term averages.
• Housing construction increased during Q2 with building permits increasing to nearly 50,000, over 37,000 in Q1.
• Home prices in the Seattle market declined slightly in May and showed a nearly 2% decrease year over year, departing from a 1.6% increase in the 20 largest metros nationally.
• Car and truck sales remained steady overall, although passenger car registrations declined by 6% while light truck registrations increased by 6.7% in July.

Read the full monthly report here — ERFC Monthly Newsletter – August 14, 2026 — and stay tuned for quarterly updates on official state revenue forecasts that create figures legislators must work from when updating the budget.

Posted in Advocacy on the Move, Washington Advocacy.