Gov. Kotek, lawmakers react to stable quarterly update on state’s economy and revenues as Legislature meets
SALEM, Ore. (KTVZ) – A new quarterly Oregon revenue outlook was released Wednesday morning, two days into the 35-day “short session” of the state Legislature, and the big picture provides a relatively stable outlook and prompted reactions from Gov. Tina Kotek and others.
The Office of Economic Analysis issued its Economic and Revenue Forecast for March, stating at the start: "Oregon’s state revenue outlook remains stable heading into the personal income tax filing season. The underlying economic outlook is relatively unchanged, and collections are tracking closely to expectations. As a result, overall revisions to the December 2023 forecast are small."
The full report is included below:
Here are some reaction statements, starting with Gov. Tina Kotek:
Salem, OR — Today, Governor Tina Kotek issued a statement in response to the quarterly revenue forecast:
“Oregon’s economy continues to stabilize. Now, we need to keep our economy moving in the right direction. It’s harder than ever for Oregonians to afford to live here, which is why we must take bold action on affordable housing. I look forward to working with legislators this session to make progress for Oregonians.”
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Revenue Forecast: Pro-Job Policies Needed to Improve Economic Outlook
SALEM, Ore. – Today, the Office of Economic Analysis presented the quarterly revenue forecast which confirmed that the state continues to bring in record revenue but warned of future problems due to population stagnation.
“Flat population is a warning sign for the future of our state and is reflected by poor policy decisions that continue to hurt businesses and families. It is critically important that we leave behind status-quo policies and pursue pro-job policies that will make Oregon an attractive place to live, work, and raise a family,” said Senate Republican Leader Tim Knopp (R-Bend).“We can do that this Session by putting all our efforts into boosting housing production, lowering the cost of living, and addressing drug addiction, homelessness, and crime.”
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House Republican Leader Statement on Revenue Forecast
SALEM, Ore. – This morning the Office of Economic Analysis released their quarterly revenue forecast, reporting that Oregon brought in record revenues but has a looming population crisis.
“Another year where Oregon’s population has stopped growing is another sign that our current leadership isn’t working,” said Republican Leader Jeff Helfrich “Record revenues followed by record inflation is to be expected. People leaving, or staying away, from Oregon isn’t. It’s no surprise; people want to feel safe in their communities, don’t want to constantly deal with the effects of an unrestrained drug trade, and even if they could ignore all of that, our housing market is unaffordable for most. Oregon needs to reverse course, and fast.”
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Prioritize Solving Urgent Challenges, Keep Oregon Growing
Statement from Senate Majority Leader Kate Lieber on the March 2024 Revenue Forecast
SALEM, OR - Today, the Office of Economic Analysis’ March 2024 Revenue Forecast indicated that Oregon’s economy is continuing to stabilize and provided legislators with important information about funds available for investment during the 2024 session. Senate Majority Leader Kate Lieber (D – Beaverton & SW Portland) released the following statement in response:
“Our economy is headed towards a strong landing because of hardworking Oregonians, and now, the legislature needs to step up and work just as hard for them.
Urgent challenges are holding Oregon back. We must take action in the short session to solve them. We need to build more homes and shelters to take on the homelessness and affordable housing crisis. We have to make significant changes to address the drug crisis, including investments in addiction prevention, drug treatment, public safety, and community clean up.
We must be smart and focused with Oregonians’ hard-earned tax dollars to produce effective results and maintain stability in the long-term, given the uncertainty of future forecasts, but I’m confident we can deliver. When we turn these shared problems into shared solutions, we will grow an Oregon where every community is the best place to live, work, and raise a family.”
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From the Offices of the
President of the Oregon Senate
&
Speaker of the Oregon House of Representatives
Stable Economy Presents Opportunity to Address Top Shared Priorities in Legislative Session
SALEM, Ore. – Today, the Office of Economic Analysis released and presented to Oregon legislators its March revenue forecast and economic outlook, which showed Oregon's economy as stable.
House Speaker Dan Rayfield and Senate President Rob Wagner are releasing the following statements:
“Republicans and Democrats are united in our commitment to increase housing supply and homelessness supports, helping families and individuals struggling with addiction, and investing in Oregon’s future,” said Speaker Dan Rayfield (D-Corvallis). “This stable forecast coupled with a decade of good budgeting gives us the certainty and resources we need to invest in the priorities Oregonians care about most.”
“Oregon’s economy is stable — our labor market is up and productivity is better than the national rate. The Legislature can and will allocate needed resources toward our biggest shared priorities: improving housing affordability, tackling homelessness, and fixing the drug and addiction crisis," said Senate President Rob Wagner (D-Lake Oswego). "There are never enough resources for all of the state's needs, but we are committed to using tax dollars wisely to address issues Oregonians are facing every day."
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House Majority Leader Statement on Revenue Forecast
SALEM, Ore. — Today, House Majority Leader Julie Fahey (D-West Eugene & Veneta) issued the following statement on the latest quarterly state economic and revenue forecast.
“Today’s economic forecast shows steady, consistent growth in our economy. Unemployment remains low and real incomes are up. Inflation has slowed, and we’re in a start up ‘boom’ because more Oregonians are starting new businesses.
“Our economy’s strength, along with years of careful budgeting, mean that the legislature will be able to make targeted investments to address the issues Oregonians care about most — homelessness, the cost of housing, and our addiction crisis. This session we’ll remove barriers to building more housing and continue our work to get people on a path out of homelessness. We’ll expand access t0 treatment so Oregonians struggling with addiction or mental health issues can get the help they need.
“Our investments this session will be focused on delivering real results on these issues. The decisions we make today will help us build a better future — healthier Oregonians; cleaner, safer communities; and shared prosperity for our state.”
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