General Fund Budget Outlook: “Steady growth in the local economy supports a generally positive outlook for General Fund revenues. The forecast anticipates annual revenue growth of 3.5 percent and 3.9 percent for 2015 and 2016, respectively, relative to the 2014 Adopted Budget. This would match the modest, but steady revenue growth the City has experienced in recent years. And as we now move into the sixth year of post- recession recovery, there is evidence that the pace of the U.S. economic expansion is increasing. At the national level, consumer confidence has reached its highest level since 2007, and employment growth over the past six months has been strong.
The local economy continues to outperform the nation and the rest of Washington state. Growth in the technology and aerospace sectors has been a key driver, as has been a significant “boom” in construction activity in Seattle. The commercial sector has been an important component of this rapid expansion in construction, but residential investment has been notable. Currently there are over 14,000 housing units permitted but not yet completed, the highest level in recent decades.”