Our monthly economic report for December 2024 shows:

• General Fund-State revenue rose year-over-year by $76 million but fell $30.3 million short of projections, reflecting modest growth with some fiscal challenges ahead.
• Significant reduction in the trade deficit from $1.8 billion in September to $485.7 million in October, marking progress in rebalancing trade flows.
• Notable job growth with 32,600 new jobs in November, driven by the return of Boeing workers, and a decline in the unemployment rate to 4.6%, the lowest since January.
• Robust activity in housing construction with permits rising to 41,200 units in October, coupled with a 5.3% increase in home prices year-over-year.
• Recovery in the automotive sector with a 1.6% increase in new vehicle registrations in November, highlighting resilience in consumer spending.

Check out the full report for more insights on Washington’s evolving economy:

• December 2024 Washington Monthly Economic Report [PDF]