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Thursday, September 15, 2005

Real Estate Boom Beefs Up State Income

The real estate blitz is having a noticeable effect on state revenue:

Washington state's surging economy, driven by a continuing construction boom and red-hot real estate market, will pump an additional $493 million into state coffers, forecasters said today.

The good news - the third quarterly revenue surge in a row - brings the state's reserves to over $1.1 billion.
Will the state be as blithe with the money as some local governments have been? Hopefully not, but what politician can resist spending money?
[Washington State Chief Economist ChangMook] Sohn said the sizzling housing market is responsible for nearly half of the latest windfall. But he cautioned that the pace will soon start slowing to a more normal rate.
It will be interesting to see if his advice is heeded.

(David Ammons, AP (Seattle Times), 09.15.2005)

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