In January and February of this year, manufacturing indices were just about where they were in early 2020, when adjusted for inflation.
While not a single state had real GDP growth in 2020, Washington experienced the second smallest decline. And in nominal terms, without adjusting for inflation, the state’s economy actually grew slightly. Only the Beehive State did better.
Countywide (including unincorporated areas) sales tax collections were down about 9 percent for the year. But quite a number of cities had either very small losses or actual gains. The biggest losers were, not surprisingly, near SeaTac Airport.
Congress threw a stimulus party an nobody came: we didn’t spend the money. In the same month that Congress showered us with $138.4 billion, in the form of $600 checks, personal savings increased by $134.5 billion.
If work-from-home becomes more of the norm, there will be less traffic congestion and likely lower parking costs, taking away transit’s two main competitive advantages. Tax revenues will recover, so permanent reductions in service may not be as large as the drops in ridership would suggest.