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Economist says Oregon’s recession likely over
Thursday, November 19, 2009 | No comments posted.
SALEM, Ore. (AP) — State economist Tom Potiowsky told lawmakers Thursday that Oregon’s recession has likely ended, but he doesn’t see job growth until the second quarter of 2010.
In his quarterly revenue forecast presented to House and Senate revenue committees, Potiowsky also said recovery to pre-recession job levels is likely to take until early in 2013.
The latest revenue forecast projects little change in income taxes, the mainstay of the state’s general fund.
It projects a $10.2 million decline in personal income taxes and $9.2 million in corporate income taxes from the Aug. 27 forecast.
But those projected losses are small compared to a total of more than $13 billion for the next two-year budget cycle — so the forecast is essentially flat.
In his quarterly revenue forecast presented to House and Senate revenue committees, Potiowsky also said recovery to pre-recession job levels is likely to take until early in 2013.
The latest revenue forecast projects little change in income taxes, the mainstay of the state’s general fund.
It projects a $10.2 million decline in personal income taxes and $9.2 million in corporate income taxes from the Aug. 27 forecast.
But those projected losses are small compared to a total of more than $13 billion for the next two-year budget cycle — so the forecast is essentially flat.
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