OLYMPIA, Wash. – If you’re marking milestones in the slow climb out of the Great Recession, here’s a new one: Washington state tax collections have now recovered to pre-recession levels. That was one key takeaway from Wednesday’s quarterly revenue forecast.
In late 2007, the economy went into free fall. For two years, Washington tax revenues plunged. Since 2010 it’s been a slow, steady climb back up. Now tax collections are back to where they were before the economy tanked. Bright spots include an uptick in auto sales and signs of an improving housing market.