It’s no secret that Oregon took a big hit during the recession in 2009. Jobs were scarce, and the economy hadn’t been hit so hard in nearly thirty years. Portland was one of the cities hit hardest by the Great Recession, due to dependence on the real estate market which plummeted in the following years. However, Oregon has slowly but surely seen improvement, and last year they even managed to beat Washington regarding economic growth rate, something they rarely manage to do even though Washington and Oregon share several similarities. The city of Portland is seeing the greatest comeback, specifically in the housing market, which has beaten out several other epicenters in the nation.
Take a look at the wins Oregon’s economy is boasting after a tough few years in the Great Recession:
Low Unemployment Rate
Making a comeback from May 2009’s rate of 12 percent, one of the highest figures in the nation at the time, was no easy feat—but in recent months it has decreased to a modest 4.8 percent. Oregon’s labor force is seeing real improvement, and there is a steady balance in between job demand and the state’s population development. Construction jobs in particular have slowly but surely made a comeback due to the renewal of the bustling housing market of Portland.
Household Income Increasing
The recovery from the recession is finally over, and recently nationwide there was a large jump in median household income. Surprisingly, the largest increases were seen in the lower portion of the income range, which is great news for Oregon. Naturally, as the lower-income families are making more money, this means more money is being fed back into the economy and fostering new growth. According to the Oregon Economic Analysis, data from the ACS shows that from 2014 to 2015, the median household income in Oregon increased 6 percent, which is a staggeringly fast rate.
GDP on the Rise
Not only has GDP increased and recovered from the recession, it has surpassed previous records and is growing faster than ever. According to recent data, Oregon’s GDP was at $199.393 in 2015, a record high for Oregon. Talk about a comeback!
Looking to take advantage of the great economy in Portland and hire some great workers? Contact us at Madden Industrial Staffing and let our team find you quality industrial or construction job candidates in your area!