The State’s quarterly revenue forecast was released Monday in the House committee on revenue.
State economist, Mark McMullen from the Oregon Office of Economic Analysis (OEA) presented updates to the committee and reported most notably that lottery and general fund revenues have outpaced what they predicted at the previous quarter by $183.4 million.
McMullen also noted large contributors to economic booms, job growth and in-migration are slowing, typically indicating a slow-down in the economy. The OEA said it was unclear why the unexpected spike in revenues occurred.
This unexpected spike in state revenue has elicited several ideas for what to invest additional dollars in, including the speaker’s emergency shelter housing bill (HB 4001), reserves, and resiliency and preparedness investments.
To view the forecast summary, click here.
Contributed by: Megan Chuinard | Public Affairs Associate