The July economic snapshot is now available.

This is a report produced by the Office of Financial Management’s Forecasting and Research Division.

Here are some key highlights from this month’s report:

  • Monthly revenue surged past forecasts: State General Fund revenues came in $90.1M above expectations from mid-June to mid-July, reaching $2.55B.
  • Personal income growth lagged national average: Washington’s personal income grew just 3.2% in Q1 2025, the slowest among all U.S. states, well below the national average of 6.7%.
  • Strong job growth, but participation falling: The state added 10,900 jobs in June, outperforming forecasts. Yet, labor force participation slipped to 62.3%.
  • Cooling in housing and auto sectors: Seattle home prices declined 0.9% in April (second monthly drop), and new vehicle registrations fell 6.2% in June.
  • Layoffs concentrated in tech & healthcare: From June to July, the tech sector led with 2,117 job cuts, followed by healthcare, transportation, and education.

July Economic Report

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