Portland having economic renaissance

| Print |  Email
Must Reads
Friday, August 10, 2012

Portland is no longer "where young people go to retire."

The recession of 2001 had a long-lasting effect on the labor market, but nationally it was among the shallowest on record in the postwar period. The Portland region, by contrast, suffered a spike in joblessness that was much more severe than the national average, and it didn’t bounce back any faster than the rest of the country. At the national labor market’s 2003 nadir, joblessness in the Portland area was nearly 50 percent higher than the national average. Given the long and severe nature of the jobs crisis, it’s no surprise that labor-force participation rates slumped. Then, just as Portland was converging with the national economy and finally getting back to health, the Great Recession of 2008 hit. Here again, Portland’s joblessness rate spiked higher and faster than the national average. But the gap wasn’t nearly as large as it had been previously. What’s more, this time around, Portland fell harder but also bounced back faster. And over the past year, Portland’s unemployment rate has fallen to below the national average. Joblessness is still high nationally, so conditions in the Portland area hardly feel like a local miracle. But in relative terms, the turnaround is striking. National unemployment is still about two percentage points higher today than at its post-dot-com peak in 2003, while Portland's unemployment is one point lower.

Read more at Slate.

{biztweet}portland young people retire{/biztweet}

 

More Articles

Get on the bus!

April 2015
Thursday, March 19, 2015
BY APRIL STREETER

How the private sector can ride the next transit revolution.


Read more...

Can small be large?

Linda Baker
Wednesday, April 01, 2015
040115-lindablogthumbBY LINDA BAKER

Leaders in Oregon's ag sector gathered this morning in Portland’s Coopers Hall winery/taproom to discuss the role of the region as an export gateway, impediments to exporting products and solutions to containerized shipping challenges.


Read more...

2015 100 Best companies announced

The Latest
Friday, February 27, 2015
IMG 0022cneditBY OB STAFF

The 100 Best list recognizes large, medium and small companies for excellence in work environment, management and communications, decision-making and trust, career development and learning, and benefits and compensation.


Read more...

Oregon Business expands events portfolio

The Latest
Friday, March 27, 2015
htctfacebookBY OB STAFF

New events series brings magazine to life.


Read more...

Downtime with the executive director of Greater Portland Inc.

April 2015
Thursday, March 26, 2015

Janet LaBar, Executive director, Greater Portland Inc.


Read more...

Bike Chic: 7 stylish options for cyclists

April 2015
Thursday, March 26, 2015

Cycling to work is all the rage. But not everyone wants to arrive at the office messy, sweaty — and unfashionable.


Read more...

Courtside

April 2015
Thursday, March 26, 2015
BY JACOB PALMER

Power lunching at the Court Street Dairy Lunch in Salem.


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