Portland Economic Trends
Oregon 3 Employment Florida 3 Washington 2.9 Nevada 2.9 Growth by US State Utah 2.8 Missouri 2.3 Georgia 2.2 Dec 2015 to Dec 2016 District of Columbia 2.2 California 2.1 Massachusetts 2 Idaho 2 North Carolina 1.9 Texas 1.8 South Carolina 1.8 New Hampshire 1.8 Hawaii 1.8 Colorado 1.8 South Dakota 1.7 Michigan 1.7 Tennessee 1.5 Minnesota 1.3 Arizona 1.2 New York 1.1 Virginia 1 Maryland 1 Alabama 0.9 Wisconsin 0.8 Rhode Island 0.8 Nebraska 0.8 Kentucky 0.7 Indiana 0.7 Ohio 0.6 Iowa 0.6 Delaware 0.6 Pennsylvania 0.5 Illinois 0.5 Vermont 0.4 New Mexico 0.3 New Jersey 0.3 Arkansas 0.2 West Virginia 0.1 Connecticut -0.1 Louisiana -0.2 Oklahoma -0.3 Maine -0.3 Kansas -0.7 -1 Mississippi North Dakota -1.4 -1.8 Alaska Wyoming -2.7
Job Growth by Metro 2010 to 2016 The Portland Metro Portland region has added 161,500 161,500 new jobs in the last six years. That’s 2 times more jobs than the other six Oregon Metros combined. 22,600 Salem 17,810 Bend 16,000 Eugene 9,430 Medford Albany Corvallis Grants Pass
Miami 14% Employment Portland 10% San Francisco 9% Boston 9% Growth by US City Raleigh 8% Phoenix 8% Atlanta 8% 2013 to 2015 Austin 8% San Diego 7% Sacramento 7% Seattle 7% Jacksonville 7% Portland enjoyed the second Paradise, NV 6% Minneapolis 6% El Paso 6% fastest job growth rate among Dallas 6% Salt Lake City 5% the 50 largest US cities. That’s Denver 5% Los Angeles 5% more than twice the growth Washington DC 5% Chicago 5% Tampa 5% rate of the United States. New York 5% Houston 5% Philadelphia 5% Charlotte 5% The city of Portland added Milwaukee 4% Las Vegas 4% 42,062 jobs within the city Orlando 4% Nashville 4% San Antonio 4% limits from 2013 to 2015. Irvine 3% St. Louis 3% That’s more than Salt Lake Tulsa 3% Honolulu 3% City, Las Vegas and Milwaukie Indianapolis 3% Louisville 3% Fort Worth combined. 2% Kansas City 2% Omaha 2% Tucson 1% Memphis 1% Columbus 1% Albuquerque 1% Pittsburgh 1% Oklahoma City 0% Baltimore 0% Cleveland 0% -2% San Jose 50 Largest US Cities -2% Detroit US Census, ACS Table S0804
Seattle 23% Median Household Austin 21% Portland 19% Denver 18% Income Growth by San Francisco 18% Washington DC 14% El Paso 11% US City 2010 to 2015 Atlanta 11% Nashville 10% Philadelphia 10% Oakland 10% San Jose 10% Portland enjoyed the third Louisville 9% Kansas City 8% Minneapolis 8% largest increase in household Omaha 8% Boston 7% income among the 50 largest Fort Worth 7% Oklahoma City 6% US cities. That’s more than Baltimore 6% Phoenix 5% Columbus 5% seven times the growth rate of New York 5% Raleigh 5% the United States at 2.5%. Milwaukee 5% Houston 4% (Inflation adjusted.) Tulsa 4% Chicago 4% San Diego 4% Dallas 4% Colorado Springs 3% That increase of $9,604 from San Antonio 3% Sacramento 3% 2010 to 2015 brought Portland Cleveland 2% Los Angeles 2% from being the 17 th wealthiest Mesa 1% Miami 1% city to the 8 th among the 50 Wichita 1% Charlotte 0% Indianapolis -1% largest US cities. Long Beach -2% Jacksonville -3% -3% Fresno Virginia Beach -4% -4% Tucson -5% New Orleans Albuquerque -6% -7% Detroit Memphis -8% 50 Largest US Cities -10% Las Vegas US Census, ACS Table S1901
Housing Price Index S&P CoreLogic Case-Shiller October 2011 to October 2016 55% 37% Portland Metro 20 Metro Composite
Austin 14% Population Growth Denver 13% Seattle 12% New Orleans 12% US City Charlotte 12% Fort Worth 12% Washington DC 11% 2010 to 2015 Raleigh 11% San Antonio 10% Miami 10% Atlanta 10% Houston 9% The population of the city of Colorado Springs 9% Oklahoma City 8% Dallas 8% Portland grew by 8% from Nashville 8% Portland 8% 2010 to 2015, slightly faster Phoenix 8% Columbus 8% than the 6.7% average growth Boston 7% San Jose 7% San Francisco 7% rate among the 50 largest US Minneapolis 7% Mesa 7% cities. Oakland 7% San Diego 7% Las Vegas 7% Arlington 6% Jacksonville 5% Sacramento 5% Fresno 5% Los Angeles 5% El Paso 5% New York 4% Indianapolis 4% Kansas City 3% Virginia Beach 3% Louisville 3% Tulsa 3% Omaha 3% Philadelphia 3% Long Beach 2% Albuquerque 2% Tucson 2% Wichita 2% Chicago 1% Milwaukee 1% Memphis 1% Baltimore 0% Detroit -5% US Census, ACS Table PEPPANNRES
College Graduates Austin 37% Miami 34% Denver 34% of Working Age Washington DC 29% Philadelphia 28% Irvine 28% Baltimore 28% Growth by US City Portland 27% Jacksonville 26% New Orleans 24% 2010 to 2015 Fremont 23% Seattle 23% Nashville 23% Tampa 23% The city of Portland added San Jose 22% Columbus 22% Charlotte 22% 41,130 people with college El Paso 21% Atlanta 21% degrees, between the age 25 Dallas 21% San Diego 21% and 65, from 2010 to 2015. Boston 20% Raleigh 20% Houston 18% Oklahoma City 18% San Francisco 17% That growth rate of 27% is the New York 17% Las Vegas 16% 8 th fastest among the 50 Oakland 16% Colorado Springs 16% Fort Worth 15% largest US cities. The US Phoenix 15% Milwaukee 14% growth rate is 10%. Minneapolis 14% Omaha 13% Chicago 13% Los Angeles 13% Portland’s growth in this Scottsdale 12% Kansas City 12% Arlington 12% demographic is more than Indianapolis 12% Jersey City 12% Indianapolis, Milwaukie and San Antonio 11% Sacramento 11% US Average Long Beach 10% Minneapolis combined. Louisville 9% Memphis 6% Virginia Beach 5% Plano 4% Albuquerque 1%
Multnomah County Economy Stats • 20% of Oregon’s population (790,294 in 2015) • 0.5% of Oregon’s area • 27% of Oregon’s jobs (506,700 in Nov. 2016) • 29% of Oregon’s payroll ($27.2 Billion in 2016) • 22% of Oregon’s state personal income tax • 40% of jobs created in Oregon in the last 10 years (52,200 jobs. 12% job growth versus 6% for Oregon) • 20% of people in poverty in Oregon (121,764 in 2015)
Employment Growth by County 2009 to 2016 Multnomah Co 77,700 Benton Linn Clackamas Co Jackson 21,800 Lane Washington Co 77700 51,900 Deschutes Marion & Polk -
City of Portland Household Growth by Income Level 2010 to 2015 50,000 +1,000 Households with incomes of 45,000 more than $100,000 grew by 40,000 50%. +18,051 -16,255 35,000 30,000 Households with incomes of -6,855 25,000 less than $35,000 declined by +13,198 20%. 20,000 15,000 Median tier households, with 10,000 incomes between $50,000 and 5,000 $75,000 grew by 2%. - Less than $10,000 to $15,000 to $25,000 to $35,000 to $50,000 to $75,000 to $100,000 to $150,000 to $200,000 or $10,000 $14,999 $24,999 $34,999 $49,999 $74,999 $99,999 $149,999 $199,999 more Median Household Income is $60,892 US Census, ACS Table S1901
Portland Metro Industry Growth 1 Year Trend – Feb 2017 All Industries 1.9% 9.8% Construction Professional & Business Services 1.4% Retail 2.3% Health Care & Social Asst. 3.5% -2.5% Manufacturing Leisure & Hospitality 1.8% Government 1.2%
Portland Metro Industry Growth 10 Year Trend – Feb 2007 to Feb 2017 All Industries 12% 1% Construction Professional & Business Services 25% Retail 9% Health Care & Social Asst. 32% Manufacturing -5% Leisure & Hospitality 23% Government 10%
Job Growth by Industry Wages March 2017 / 2007 Portland Metro Average Industry Job Growth Wage $1,000 High Tech Manufacturing $ 133 Information $ 79 Professional and Technical $ 80 High Wage 12% Financial activities $ 71 Wholesale Trade $ 70 Ambulatory health care $ 63 Construction $ 59 Middle Wage 4% Government $ 56 Manufacturing (non High Tech) $ 55 Employment services $ 37 Retail trade $ 31 Low Wage 15% Nursing and residential care $ 28 Leisure and hospitality $ 21
High Wage Industries Portland Region Average Wage and Employment Growth from August 2010 to August 2016 All Industries $ 55,523 17% Computer and electronic product manufacturing $ 132,712 10% Management of companies and enterprises $ 132,421 27% Computer systems design and related services $ 109,357 17% Software publishers $ 107,623 42% Scientific research and development services $ 92,563 9% Architectural, engineering, and related services $ 78,984 19% Ambulatory health care services $ 68,138 17% Accounting, bookkeeping, and payroll services $ 60,398 27% Specialized design services $ 59,968 29%
Employment Growth – Portland Region Occupational Category 2010 to 2015 Total 15% Computer and mathematical 34% Healthcare practitioner and technical 33% Architecture and engineering 23% Life, physical, and social science 21% Business and financial operations 16% Legal occupations 10% Production, transportation, and material 14% moving Construction and extraction 10% Food preparation and serving related 29% 0% 10% 20% 30% 40%
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