Home Archives July 2008 Rosy forecast sees 100,000 jobs on the horizon

Rosy forecast sees 100,000 jobs on the horizon

| Print |  Email
Tuesday, July 01, 2008

PORTLAND The current economy might be sinking, sucking down jobs and incomes with it, but at least one group is bullish on future employment growth.

Greenlight Greater Portland, a private economic development group, in concert with Global Insight, an international economic analysis firm, predicts that the greater Portland-Vancouver area will create 100,000 new jobs in the next five years.

“We have a bullish view of the Pacific Northwest,” says Jim Diffley, a managing director with Global Insight, because he says knowledge workers are attracted to the area, and businesses will follow the workforce they need. The growth areas include:

Professional and business services: 32,000 new jobs, for a total of 170,300. That includes adding 2,000 jobs between 2007-2008.

Financial services: 8,500 new jobs, with a slight decline seen in the next year, but rebounding in 2009.

Information services: 2,000 new jobs, a growth rate “second only to Seattle’s.”

Construction and natural resources: This sector is projected to lose about 2,700 jobs through this year, but rebound in 2009 and grow by 7.2%.

Other sectors with significant jobs gains, according to Diffley, will be trade and transportation (15,000); education and health (10,000); government (8,000); and leisure and hospitality (5,000).

The analysis also predicted that the gross regional product would grow 29% to $144 billion in the next five years, which it noted was higher than for cities such as San Jose, Seattle, Denver and Albuquerque.

The findings, issued in a report in June, also noted that the region added 88,000 jobs from 2002-2007 — more than in San Francisco, San Jose and Denver combined. The sectors that contributed to that included 17% from professional services, 17% from education and health services, 17% from construction and natural resources, and 4% from manufacturing.

Global Insight also provides analysis for the state, which in late May issued its most recent revenue forecast, saying revenues were stable: In the upcoming biennium, the state should have $17 billion in tax and lottery money to spend. At least until the effects of skyrocketing fuel and food costs kick in, just in time for the next forecast.


ROBIN DOUSSARD



To comment, email This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

 

More Articles

Green your workplace

News
Thursday, April 03, 2014
100Green14logo200oxBY OB STAFF

Learn how to green your workplace and lower your environmental footprint at the office. Oregon Business presents a two-hour "Greening Your Workplace" seminar on May 28th, 2014 at the Nines Hotel in Portland.


Read more...

Wheel man

March 2014
Tuesday, February 25, 2014
BY LINDA BAKER

Les Schwab has put a premium on customer service since 1952, when legendary namesake Les Schwab founded the company with one store in Prineville. (Schwab died in 2007.) But if the corporate principles remain essentially the same, the world around this iconic Oregon business has changed dramatically.


Read more...

Are millennials reshaping politics in the Pacific Northwest?

News
Wednesday, April 02, 2014

MillennialsThumbA new report explores the impact of millennials on Oregon's business and political climate.


Read more...

Leader's bookshelf

Contributed Blogs
Friday, March 14, 2014
02.06.14 BooksBY TOM COX | OB BLOGGER

Five books that will make you a better leader.


Read more...

The future of money

March 2014
Tuesday, February 25, 2014
BY JAKE THOMAS

An ancient institution moves slowly into the digital age. 


Read more...

The solution to youth unemployment

News
Thursday, February 27, 2014
02.27.14 Thumbnail TeenworkBY ERIC FRUITS

Because they have little chance of working for someone else, today’s teens need to be entrepreneurs. But, first, we must teach our teens that entrepreneurship starts small.


Read more...

Speeding up science

News
Tuesday, February 25, 2014
02.25.14 Thumbnail MedwasteBY JOE ROJAS-BURKE | OB BLOGGER

The medical research enterprise wastes tens of billions of dollars a year on irrelevant studies. It’s time to fix it.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS