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|Articles - December 2011|
|Tuesday, November 15, 2011|
Page 2 of 5About 12 months ago, the economy in Oregon was showing signs of relative strength. Though economic recovery was slow and weak, it was nonetheless recovery. Job losses were down and federal stimulus spending was still shoring up state and local governments, preventing layoffs and maintaining services. But about halfway through 2011, the economy began to sputter.
“We’re kind of caught in between periods of optimism and pessimism,” says Tim Duy, director of the Oregon Economic Forum. “Every time something good happens and you think, this is it, something else happens and pulls us back. That volatility is what’s creating the split between optimism and pessimism.”
In the first half of 2011, Oregon was outperforming the nation, says Joe Cortright, president and principal economist for Impresa, a Portland consulting firm. “But the recovery has lost momentum in the last six months or so, and we’re kind of in risky territory right now.”
Much of what was behind the mid-year and continued slumping was, essentially, more of what’s been hindering the economy all along. The housing market remains almost at a standstill compared to where it was a few years ago. According to the University of Oregon’s most recent Index of Economic Indicators, residential building permits fell below 600 in August — the first time that’s happened in more than a year. The state’s Office of Economic Analysis (OEA) also reported in September that housing-related industries had been adding just 50 jobs per month over the past year; in other recent years, that number was 575 jobs per month.
“The housing market is still very depressed,” Cortright says, adding that home prices are down about 5% this year and between 20% and 25% of homeowners in Oregon and the U.S. are underwater on their mortgages. Typical recoveries in the past have been powered largely by lower interest rates and a housing market that takes off. That hasn’t happened this time around.
Also fueling the slowdown were higher gas and commodity prices, continued pressure in the financial markets, uncertainty in foreign markets like China and Europe and what the OEA dubbed “public-sector pullback.” In most recessions, the public sector feels the impacts later than the private sector. This time was no different, particularly as federal stimulus funds helped maintain state and local government employees and services. Those funds, however, began to taper off this year, and the results have been noticeable in layoffs of teachers and government employees.
According to the OEA, the public sector normally adds 350 jobs each month, but over the past year it has cut 475 every month. Since September 2010 alone, the government sector has shed 7,900 jobs, according to the Oregon Employment Department.
“There had been federal money to put off those kinds of adjustments,” says Tom Potiowsky, a professor of economics and chair of the economics department at Portland State University. “That’s not here anymore. State and local governments are making serious cuts, and state and local government workers spend money in the economy just like everybody else.”
Wednesday, September 30, 2015
The refugee crisis has put immigration and border issues on the front burner, in Europe and at home. In Oregon, attitudes toward illegal immigration haven’t changed dramatically since 2006.
Tuesday, September 15, 2015
BY LINDA BAKER
The 2016 presidential election is shaping up to be the year of the outsider, with Bernie Sanders and Donald Trump capturing leads in the polls and the headlines. In Portland, Wheeler vs. Hales is bucking the outlier trend.
Wednesday, September 30, 2015
Oregon Business magazine has named the seventh annual 100 Best Nonprofits to Work for in Oregon. The rankings were revealed Wednesday night during an awards dinner at the Sentinel Hotel in Portland.
Monday, September 28, 2015
BY BEN WATERHOUSE
How Portland's Garden Bar plans to become the Starbucks of salad.
Monday, September 28, 2015
BY JOE CORTRIGHT
Corporate headquarters are no longer a marker of economic prowess.
Wednesday, August 19, 2015
BY KIM MOORE
A conversation with Chris Maples, president of the Oregon Institute of Technology.
Thursday, September 17, 2015
BY JACOB PALMER | DIGITAL NEWS EDITOR
Ahead of the recreational rollout, what are dispensary owners most concerned about ?
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Promoting from within its own ranks, PacificSource Health Plans has tapped Tony Kopki to head its commercial lines of business in Oregon, Idaho and Montana. In his new role as Vice President of Commercial Programs, Kopki will provide strategic, product and market leadership for PacificSource’s commercial programs.
Thomson brings 25 years of healthcare experience in provider relations, sales, marketing and communications.