The OFM February 2026 economic snapshot is here. 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:

Some highlights from our February economic update:

🏦 State revenues beat forecast: GF-S collections came in $165.5M (6.8%) above forecast for Dec–Jan, with cumulative revenues now $340.1M (3.9%) higher than expected.

📈 Seattle inflation ticked up: CPI rose 3.1% year-over-year in December (vs. 2.7% U.S. average); shelter slowed to 1.7%, while energy remains elevated at 7.2%.

👷 Labor market mixed (latest data: December): Jobs increased +9,000 month-to-month (+0.2%), but were –6,600 year-over-year (–0.2%); unemployment rose to 4.7%. Initial claims fell 6,223 in January. Per ESD, the next full employment release is scheduled for April.

🏘️ Housing stabilizing: Permits rebounded to 39,300 units in October after a Q3 slowdown; Seattle home prices rose 0.5% in November, though remain –0.1% year-over-year.

🚢 Imports strengthened in December 2025: Imports rose 18.7% month-to-month to $4.46B (–7.3% year-over-year), while exports increased 5.3% month-to-month to $5.84B and +16.7% year-over-year.

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