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|Wednesday, December 07, 2011|
BY LINDA BAKER
Portland’s urban peers aren’t quite who we thought they were. That’s one of the takeaways from a new metro area economic study released yesterday by the Value of Jobs Coalition. With its vibrant restaurant scene, strong planning ethos, and well-educated population, Portland likes to compare itself favorably to Seattle, Minneapolis and Denver, creative-class havens noted for their livability. But when measured by economic factors such as personal income, the cities we most resemble turn out to be decidedly less glamorous: the Rust Belt towns of Cincinnati and St. Louis.
Forty years ago, Portland’s personal income was comparable to the aforementioned three cities. But since then, Portland has charted a separate, and downward, path. As the graphs below illustrate (excerpted from the report), personal income for Seattle, Denver and Minneapolis currently exceeds expectations for metro regions of their size. By contrast, Portland metro’s personal income is nearly 2 percentage points below what would be expected given its size. All told, Portland lags 16% to 21% behind Seattle and Denver in terms of average income.
Enter Cincinnati and St. Louis, cities that are losing population but apparently have something in common with Portland besides their rivertown status. According to the Value of Jobs study, all three metropolitan areas have similar per capita personal income, and that amount falls below what one would predict for cities of their size.
The three metro areas share another dubious achievement: an unemployment rate hovering between 8.6 % and 9.0 %. Minneapolis and Seattle have unemployment rates of 6.4% and 8.3% respectively. In an earlier report from 2010, it was noted that the Portland-metro area does not "notably out-perform our peers on 'compensating' characteristics such as cost of living or quality of life." The follow-up 2011 report does not address this issue.
By likening ourselves to creative-class cities that have weathered the recession relatively well, Portland denizens seem to be engaging in a bit of magical, or at least aspirational, thinking. A reputation for livability does not put us in the same class as a Seattle or for that matter, an Austin — metro areas with flagship research universities, diversified economies and in some cases, major government employers to help keep their economies afloat.
Next week’s Oregon Leadership Summit will focus on a variety of job and wage growth strategies to help bring us in line with our aspirational peers. Recognizing who our real urban contemporaries are will be an important first step.
Linda Baker is the managing editor of Oregon Business.
Wednesday, August 19, 2015
BY BRIAN LIBBY
Ben Kaiser holds his ground.
Monday, July 13, 2015
BY JACOB PALMER
Holding a Power Lunch at Veritable Quandary in downtown Portland.
Thursday, August 13, 2015
BY JACOB PALMER | DIGITAL NEWS EDITOR
Portland-based startup ImpactFlow recently announced a $5.7 million funding round. CEO and co-founder Tyler Foreman talks about matching businesses with nonprofits, his time at Intel and the changing face of philanthropy.
Tuesday, August 18, 2015
BY JASON NORRIS | CFA
Earlier this month, the People’s Bank of China (PBoC) announced they were going to devalue their currency, the Renminbi. While the amount of the targeted change was to be roughly 2 percent, investors read a lot more into the move. The Renminbi had been gradually appreciating against the U.S. dollar (see chart) as to attempt to alleviate concerns of being labeled a currency manipulator.
Monday, July 13, 2015
BY AMY MILSHTEIN | PHOTOS BY JASON E. KAPLAN
Telemedicine, new partnerships and real estate diversification make health care more accessible in rural Oregon.
Wednesday, July 15, 2015
Former Governor John Kitzhaber's resignation in February prompted some soul searching in this state about ethical behavior in industry and government.
Thursday, July 30, 2015
BY JASON E. KAPLAN | STAFF PHOTOGRAPHER
Greenpeace activists suspended themselves from the St. John's Bridge in an attempt to prevent a ship from heading to the Arctic.
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Transforming the culture of Oregon’s educational leadership.
The Board dismissed a petition related to efforts to unionize the Northwestern University football team.
Every once in a while we receive a letter in the (fictional) mailbag that is tough to describe and quite compelling. This week, Isabel, the new HR manager at LabCo (and someone who is new to HR), wants to know whether she may fire the owner’s son for having an Oregon medical marijuana card. In passing, Isabel also makes a number of alarming admissions about her motivation. Here is Isabel’s nerve-racking question and our response to it.
Oregon Sick Leave is here, and changes to the federal white-collar worker regulations are on the way. This workshop will prepare you for both. We invite you to participate in an interactive discussion on how to start planning now for the future impact on your operations and finances.
Presented by OEN + CENTRL + YESpdx.
This Roundtable will cover numerous issues under the employer "shared responsibility" rules of the Affordable Care Act, including how to track the "full-time" status of variable-hour employees, temporary or seasonal employees, and employees who experience a change in status or a break in service. Additionally, we will provide a brief overview of Code sections 6055 and 6056, which require most mid-sized and large employers to submit their first information reports to the IRS in early 2016 regarding the health insurance coverage being offered to employees. We invite you to participate in an interactive discussion on how to prepare for the future impact of the shared responsibility rules on your operations and finances.