KVAL Eugene Oregon
by Mark Furman
September 23, 2020
SALEM, Ore. - Tax revenues are up in Oregon despite high unemployment and "a Great Recession-sized hole," according to the state revenue forecast released Wednesday by the Oregon Office of Economic Analysis.
The forecast also predicts Oregon’s labor market will return to health during the summer of 2023. The state had seen record low unemployment prior to imposition of COVID-19 restrictions in March.
"Despite the sharp reduction in economic activity, Oregon’s primary revenue instruments have continued to grow," according to the report. "Collections of Personal Income Taxes and Corporate Taxes both set record highs over the post-shutdown (March-to-September) period this year. Could it be the recession might not have a significant impact on state tax revenues? Of course not. However, the fact of the matter is that the economic pain has yet to be fully reflected in Oregon’s revenue data."
Read the full article at KVAL and see the Forecast Statement from the Governor's Office.