It is not expected to pick up significantly either. For this reason, the employment data in our office’s forecast is adjusted for two important technical purposes: seasonality at the detailed industry level and the upcoming benchmark revisions. Even Southeastern Oregon, which faces the biggest demographic and population growth challenges, goes from losses to relative stability. Withholding is more than just wages. When combining slower population gains with hard-hit goods-producing industries, a generic recession forecast for Oregon would include larger losses than those seen in the typical state. Encouragingly, job growth remains strong enough to keep up with population gains and to absorb the workers coming back into the labor market. After a period of slow growth during the 1990s and early 2000s, the elderly population (65+) has picked up a faster pace of growth and will surge to the record high levels as the baby-boom generation continue to enter this age group and attrition of small depression era cohort due to death. ( Log Out / No question, standard measures of the labor market like the unemployment rate suggest the Oregon economy is healthy.
Actually, Oregon’s decennial population growth rate during the most recent census decade was the second lowest since 1900. The City of Portland's voice in Salem and Washington D.C. Portland-Sapporo Sister City Association Peace Bell Rededication Ceremony, 2019 Oregon Consular Corps Celebrates Trade.
Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. Construction in Oregon during the early 1990s really didn’t experience job losses, nor did retail. Now, one potentially complicating factor is the lack of an urban wage premium today for those without a college degree. The oldest elderly (aged 85+) will continue to grow at a slow but steady rate in the near future due to the combination of cohort change, continued positive net migration, and improving longevity.
The gala highlights the significant contribution that Oregon's trade-sector companies make to our region's economic vitality and quality of life. | Oregon Office of Economic Analysis on February 20, 2020 at 10:06 AM, […] for local businesses to hire and expand. There are no clear bubbles, or imbalances in the economy today.
In the near-term economic outlook, our office’s forecast calls for ongoing, but slowing growth in the coming years. In particular, rural Oregon will see the biggest swings and improvements relative to recent years. Oregon’s other urban areas like the Rogue and Willamette Valleys will see relatively steady gains. Our office has dug into the potential labor force and number of retirees quite a bit in recent years. As we inch closer to an expected slowdown in the economy, Investors need to contemplate their strategies regarding lease renewals, tenant improvements and rent increases. Forgot your username or password? Bend continues to defy expectations in the aftermath of one of the nation’s worth housing bubbles a decade ago. https://www.oregon.gov/das/OEA/Documents/forecast1218.pdf, 9320 SW Barbur Blvd, Suite 300 This share of migration to population change declined to 32 percent in 2010, lowest since early 1980s when we actually had negative net migration for several years.
Portland’s median household income now ranks 16th largest and is 18 percent higher than the typical large metro. This is driven by the significant increased cost of new Class A office space, and the increased flexibility in working conditions demanded by employees. These include jobs in professional and business services, health services, and leisure and hospitality industries. These improvements are seen across all racial or ethnic groups and all age cohorts in recent years. Based on the current forecast, Oregon’s population of 4.14 million in 2017 will reach 4.63 million in the year 2026 with an annual rate of growth of 1.2 percent between 2017 and 2026. First, overall population growth is as slow as we have experienced in the past hundred years. 2019 Oregon Consular Corps Celebrates Trade . Our office looked at this in our Rural Oregon report as well.
| Oregon Office of Economic Analysis, COVID-19 and Migration | Oregon Office of Economic Analysis, COVID-19 and Migration | Oregon Office of Economic Analysis | eClips. This age group has seen positive growth starting in the year 2004 and will increase by 1.7 percent annual average rate during the forecast horizon mainly because of the exiting smaller birth (baby-bust) cohort being replaced by baby-boom echo cohort. Given demographic trends, including some young adults moving away to urban areas, rural communities are nearly all the way through the demographic drag. It is the only post-World War II recession in which Oregon’s job losses were less severe than the nation.