February 2021 Economic and Revenue Update

Summary

U.S. employment increased by 49,000 jobs in January; the unemployment rate
declined to 6.3%.
U.S. initial claims for unemployment insurance decreased this week but the four
week moving average has remained above 800,000 for nine weeks.
U.S. real GDP increased by 4.0% in the fourth quarter of 2020.
U.S. residential construction activity continued to grow in December.
Washington housing construction improved in the fourth quarter of 2020 and slightly
exceeded the forecast.
Washington exports declined over the year for a ninth consecutive quarter.
Major General Fund-State (GF-S) revenue collections for the January 11, 2020 –
February 10, 2021 collection period came in $269.5 million (15.3%) higher than
forecasted in November, primarily due to Revenue Act tax collections.
Cumulatively, collections are now $592.6 million (9.0%) higher than forecasted.

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