The May 2016 Oregon Regional Economic Indicators was released today. Full report is available here. We thank KeyBank for their generous support of this project
May saw continued solid growth across the regional areas of Oregon. Highlights of this month’s report include:
- The measures for all regions continue to indicate above average growth (both the “raw” May numbers and the moving average measures of activity, which smooth monthly volatility). Recall that “zero” for these measures indicates relative average growth; each region has its own underlying growth rate.
- The Portland metro measure cooled somewhat on the back of softer employment numbers, but note that these indicators can be volatile month to month. Portland’s housing numbers sustained recent momentum, with solid contributions from sales, permits, and prices.
- The Eugene-Springfield measure rose on the back of generally positive employment indicators and a boost from new housing permits. Permits, however, reflected the impact of a likely temporary spike in multifamily construction.
- Employment indicators were a bit softer in Central Oregon as well, but overall the region continues to growth at a solid pace consistent with past expansions.
- Housing permits remained weak in the Rogue Valley and Salem areas. Still, both regions continue to post overall solid numbers, particularly due to low unemployment and steady labor force growth. Housing sales remain strong in Salem.