Strong Job Gains Boost Oregon's Revenue Outlook
Oregon's economy continues to be strong. That's according to the latest revenue forecast from state economists, which was delivered Friday at the capitol in Salem.
State economist Mark McMullen predicted increased revenues for both the current and upcoming budget cycles. He says that's based in part on the fact that the state is adding about 5,000 new jobs a month.
"Oregon is still going full throttle, still outperforming the typical state by quite a bit,” McMullen said. “And so the question now becomes, how long is this going to continue?"
McMullen said potential risks to Oregon's economic future include a shortage of affordable housing, the potential for long-term drought, and even a possible casino in southwest Washington.
Another question mark is the potential corporate tax hike that's likely headed for the November ballot. McMullen said his office will prepare two sets of revenue forecasts to release just after the election: One if the tax hike is approved, and another if it’s rejected.