Home to a large variety of companies whose goods and services are in demand locally, nationally, and internationally, Washington’s recovery from the 2008/09 crisis is expected to continue in the coming years. Though Washington's growth and recovery rate is slow, Washington is nevertheless expected to outperform the nation by a small margin. The higher-level education rate of the state's labor force will undoubtedly help unemployment to continue to decrease and make the job market more competitive.
In addition, Washington’s strong economy helped to drive the State population growth of almost 1 million people during the 2000-2010 decade (+830 419) and establish the 3.7% population growth rate between 2010 and 2013.
While the aerospace industry in the state had previously generated many jobs, employment is now decreasing in the aerospace industry, as well as in the federal government. However, employment is rising in most other industries, especially in construction and technology.
Risks to the forecast are generally from three out-of-state factors: a weaker Chinese economy, uncertain federal fiscal policy, and difficulties with the housing recovery. Slow European growth and reduced exports may negatively impact the economy, as may the debt ceiling and the federal budget. Housing prices are rising within the state, leading to possible issues of housing affordability and formation.
State revenue collections have returned to pre-recession levels and are expected to continue to rise. Personal income in Washington is expected to increase by 5.2% in 2014 and continue upwards.
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