Sep 12, 201701:36 PMBlog
Exports down, car sales up, per tax report
Second quarter 2017 Washington exports were down 3.4 percent from the same quarter of 2016, according to the latest review by the State Economic and Revenue Forecast Council.
The reduction in exports from the state are because of a 10.1 percent drop in transportation equipment exports, mostly Boeing planes. Exports of agricultural products grew 28.9 percent over the year and exports of all other commodities rose 1.9 percent over the year. This “other” export category, which consists mainly of manufactured goods, has shown positive over-the-year growth for the last three quarters.
From the same ERFC report out this week: Washington car and truck sales increased in July after sinking to the lowest level in more than three years in June. Seasonally adjusted new vehicle registrations increased 3.5 percent in July, but car and truck sales are still down 15.3 percent since the post-recession peak in January 2016 and down 7.2 percent over the same month of last year.
Actual collections of state tax revenue through the Sept. 10th collection period are very close to the June forecast, as are the total numbers from sales and use taxes, B&O taxes, utility and tobacco products collections.
Total payments from the retail trade sector were up 9.6 percent year-over-year. Collections by businesses in the hospitality (rooms and meals) sector have grown by 5.4 percent over 2016, while construction sector taxes are up almost 10 percent for the year.
You can read the complete Forecast Council monthly report at this link.