Portland metro forecast: Incomes will see huge leap in the next decade

Report details Portland-area economic trends

PORTLAND, Ore. – Per capita incomes in Multnomah County are expected to rise between 60 and 70 percent over the next decade, according to Portland State University’s Northwest Economic Research Center. 

That's a big increase when compared with the 25 percent between 2006 and 2016.

The group just released its economic forecast for Portland and counties in the metro-area. Research for the report started back in 2014, according to NERC Director Tom Potiosky. 

The report also found Multnomah County is the only one of the seven counties where the construction of condos and apartments outpaces single-family home construction.

On the job front, it found underemployment rate is very low for the Portland area, and the labor market is tight. The report found job growth is slowing.

At the same time, it found construction in the area is skyrocketing. About 6,500 new construction jobs were created last year, making construction the strongest growth industry in the Portland area.

"We don’t buck the national trend; we accentuate the national trend. In expansion periods, we tend to grow faster than the U.S. does overall, and so we definitely experienced that recently," Potiosky said. "The interesting thing is, we now seem to be coming back to where the average U.S. growth is. That's where we seem to be settling down some.” 

The report also says federal immigration policy in the coming years could result in labor shortages in both high tech and agriculture industries.

© 2017 KGW-TV


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