Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations

Oregon Revenue Picture Brightens Slightly

Photo by Gregg M. Erickson
Photo by Gregg M. Erickson

SALEM, Ore. – Oregon lawmakers got some short term good news Wednesday: State revenues are predicted to be a little higher than previously thought. But the long term outlook remains gloomy.

Oregon's revenue picture is $81 million brighter. That's thanks in part to a strengthening housing market. And it means lawmakers won't have to make any immediate budget cuts.

The state's overall outlook is fairly close to national trends. But long-term growth in Oregon remains slow, with weak global demand for Oregon goods.

State economist Mark McMullen unveiled his latest revenue predictions to a panel of lawmakers at the capitol.

"We're still in pretty good shape. We expect a little more revenue than we did three months ago," McMullen said. "However, over time, the slower growth forecast does more and more damage to the state budget."

McMullen says that will make it tougher for lawmakers returning to Salem next year to craft the next two-year state spending plan. He says the biggest short-term threat to Oregon's budget would be any major stock market volatility.

On the Web:

Oregon revenue forecastL http://cms.oregon.gov/DAS/OEA/pages/economic.aspx#most_recent_forecast

Copyright 2012 Northwest News Network

Copyright 2012 Northwest News Network

Chris Lehman graduated from Temple University with a journalism degree in 1997. He landed his first job less than a month later, producing arts stories for Red River Public Radio in Shreveport, Louisiana. Three years later he headed north to DeKalb, Illinois, where he worked as a reporter and announcer for NPR–affiliate WNIJ–FM. In 2006 he headed west to become the Salem Correspondent for the Northwest News Network.