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

5 stats about Oregon fireworks

The Latest
Thursday, June 18, 2015
fireworksthumb001BY JACOB PALMER | DIGITAL NEWS EDITOR

Fireworks are a booming industry, even if the pyrotechnics have turned July 4th into a day fire marshals, and many residents, love to hate.


Read more...

Department of Self-Promotion

Linda Baker
Wednesday, June 17, 2015

061715-awards1Oregon Business wins journalism awards.


Read more...

Urban renewer

Linda Baker
Wednesday, June 24, 2015
UnknownBY LINDA BAKER   

One year after he was appointed chair of the Portland Development Commission, Tom Kelly talks about PDC's longevity, Neil Kelly's comeback and his new role as Portlandia's landlord.


Read more...

Farm in a Box

July/August 2015
Friday, July 10, 2015
BY JACOB PALMER

Most of the food Americans consume is trucked in from hundreds of miles away. Eric Wilson, co-founder and CEO of Gro-volution, wants to change that. So this past spring, the Air Force veteran and former greenhouse manager started work on an alternative farming system he claims is more efficient than conventional agriculture, and also shortens the distance between the consumer and the farm.


Read more...

10 Innovators in Rural Health

July/August 2015
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.


Read more...

Oregon needs a Grand Bargain energy plan

Linda Baker
Monday, June 22, 2015
0622-gastaxblogthumbBY LINDA BAKER

The Clean Fuels/gas tax trade off will go down in history as another disjointed, on-again off-again approach to city and state lawmaking.


Read more...

Fixing Oregon’s broken roads

The Latest
Tuesday, June 09, 2015
RUCCostComparison rev4-30BY KIM MOORE | RESEARCH EDITOR

The technology at the center of Oregon’s road usage fee reform.


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