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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 27, 2014
BY JESSICA RIDGWAY
How State Representative Julie Parrish (House District 37) balances life between work and play.
Tuesday, August 26, 2014
BY VIVIAN MCINERNY
Craft beer comes to Mount Angel.
Tuesday, August 26, 2014
Parents and students paying for college today are like homeowners who bought a house just before the housing bubble burst.
Wednesday, August 27, 2014
BY AMY MILSHTEIN
Agriculture businesses ramp up to meet international demand as workforce and succession challenges loom.
Thursday, July 31, 2014
BY MARY SPILDE | OB GUEST CONTRIBUTOR
Faced with the aftermath of the “great recession,” increasing concern about the environment and dwindling family wage jobs, we have some very important choices to make about our future.
Wednesday, August 06, 2014
BY LINDA BAKER | OB EDITOR
Portland startup Green Endeavor strikes gold, inking a partnership with Underwriters Laboratories, an Illinois-based consulting and certification company with offices in 46 countries.
Friday, August 15, 2014
In this week's poll, we asked readers: "Who should pay for the troubled Cover Oregon website?" Here are the results.
|A Taste of Heaven|
|A Good Leap Forward|
|Fast Food Slows Down|
|Startup or Grow Up?|
|Tight and Loose|
|General Mills expects to save $100M|
|Sony predicts $2.14B loss|
|United Airlines offers $100K buyouts to flight attendants|
|Microsoft acquires popular game 'Minecraft'|
|Cognizant to buy TriZetto|
|Apple hits new record with iPhone 6 preorders|
|U.S. retail sales driven by car, health purchases|
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