US EditionOregon’s economic outlook sours, leaving state lawmakers with millions less to spend than previously expected
- Oregon’s Office of Economic Analysis reported that lawmakers face a budget reduction of approximately $755 million in available funds for the upcoming two-year period.
- The lowered forecast results mainly from a $500 million decline in personal income tax revenue amid expectations of sluggish national growth near 0.8%, down from 2%.
- The forecast impacts state budget talks, complicating funding for housing, homelessness, behavioral health, and education, while a record 2024 tax rebate will shrink in 2025 by $87.5 million.
- Oregon Chief Economist Carl Riccadonna indicated that while a recession is not anticipated, the economy is expected to experience an extended phase of minimal growth, which is likely to result in rising unemployment rates.
- State leaders expect to limit spending in a challenging budget environment but remain committed to key investments despite uncertainty caused by federal tariffs and economic volatility.
18 Articles
18 Articles
‘OPB Politics Now’: Oregon’s revenue forecast shows economic slowdown
Oregon’s most important revenue forecast, the one that lawmakers used to write the two-year budget, was released this week. It showed that the state is expecting more money to roll in, but significantly less than the amount predicted just three months ago. On the latest episode of “OPB Politics Now,” reporters Dirk VanderHart and Alex Zielinski discuss the revenue outlook, what it says about the state political situation and much more. Find the …
Federal chaos leaves Oregon’s economic outlook sluggish, uncertain, short millions - Malheur Enterprise
Uncertainty from President Donald Trump’s tariffs have thrown a wrench in state revenues previously expected to grow by hundreds of millions of dollars, state economists report. Forecasted growth in the national and state economy has deteriorated in the last few months, leaving Oregon lawmakers to craft a two-year state budget with nearly $756 million less than they anticipated, according to the latest revenue forecast from the state’s Office of…
Illinois Cuts Revenue Outlook on Economic, Federal-Funding Woes
Illinois slashed its revenue forecast for the coming fiscal year by about $500 million, citing questions around the economic outlook and policies of President Donald Trump that could reduce federal funding.
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