The January 2025 Washington Monthly Economic Report is now available.

Here are some key highlights from this month's report:

• Revenue shortfalls: Shortfall of $47.4 million in General Fund-State revenue collections from Dec 11, 2024, to Jan 10, 2025.
• Inflation control: Seattle's consumer price inflation dropped to 2.7% year-over-year, below the national average for the first time in three years, indicating effective inflation management despite rising shelter costs.
• Employment trends: Robust job growth with 11,800 new jobs in December 2024, post-Boeing strike, alongside a noticeable decline in unemployment claims.
• Income growth:Moderate rise in personal income, with a 0.7% increase from Q2 to Q3 2024, though still trailing the national growth rate, highlighting regional economic variances.
• Sector growth: Strong recovery in the housing market with 36,000 units permitted in Q3 2024 and a surge in automotive sales by 7.1% in December 2024, reflecting growing consumer confidence.
• Layoffs and closures: Notable layoffs continue into early 2025, with major actions by Boeing, Providence Group, Gilead Sciences, and other key employers reshaping the workforce landscape.

Check out the full report for more insights on Washington’s evolving economy.