The Office of Economic and Financial Analysis

The Office of Economic and Financial Analysis (OEFA) produces objective and reliable economic and revenue forecasts, so King County’s decision-makers have a cogent view of the economic context as they prepare the budget. OEFA, an independent agency within King County, is not attached to the Executive Office or County Council, which enables the creation of unbiased forecasts by professional economists. These forecasts are presented tri-annually to the King County Forecast Council and underpin the County Executive’s initial budget planning, the proposed budget, the budget adopted by the Council, and any subsequent budget modifications.

OEFA provides a new King County revenue forecast each March, July, and December. Additionally, it produces quarterly economic forecasts at the end of February, May, August, and November, accompanied by an EconPulse report that highlights key economic updates and the most recent forecasts. These forecasts are available on our website. Listed below are the 2024 dates for the King County Forecast Council meetings. For further details on accessing upcoming KC Forecast Council meetings, please contact OEFA via email at lmartinmahar@kingcounty.gov.

2025 King County Forecast Council Schedule

March 17, 2025 -     March Revenue Forecast
July TBD, 2025  -    July Revenue Forecast
December 5, 2025  -  December Forecast (No formal Forecast Council meeting at this time)

Latest Updates

February 7, 2025 - Economic Forecast for Q4 2024 February 11, 2025 - EconPulse for Q4 2024 March 13, 2025 - 2024 Year-End KC Revenue Memo March 17, 2025 - March 2025 Revenue Forecast

Current Revenue Forecast

Forecast Description: OEFA provides King County-specific economic and revenue forecasts for major tax sources, totaling over $3 billion (i.e. 30% of total County revenue) for 2025. These forecasts are submitted to the King County Forecast Council. After review and adoption by the Forecast Council, the final projections are made available on our website. Revenue forecasts are based on key economic indicators and include ten-year projections for assessed values, new construction values, taxable sales, national & Seattle-area inflation, fuel prices, and more. OEFA produces forecasts for eleven different tax types in total. The County's two largest tax revenues are property tax and sales tax, which make up the bulk of our forecasting work. Previous revenue forecasts can also be accessed on our website under the "Past Revenue Forecasts" section.

 

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Current Economic Forecast

Forecast Description: OEFA publishes quarterly economic forecasts specific to King County, focusing on key statistics essential for revenue projections and other budgetary considerations. These forecasts include data on population, taxable sales, total and sector-specific employment, personal income, housing permits, residential transactions, average house prices, the Seattle FHFA Index, and CPI-U. The forecasts are provided as Excel files, with the first worksheet summarizing and comparing the latest forecast to the previous quarter's data. Additional past forecasts are available at the bottom of the page under 'Past Economic Forecasts.'

 

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