The July 2016 Oregon Regional Economic Indicators was released today. Full report is available here. We thank KeyBank for their generous support of this project.
Oregon’s regional economies maintained solid growth in July. 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 region continues its streak of solid performance, albeit the pace of activity looks to have moderated a bit compared to the end of 2015. New housing permits made a significant contribution to the measure. Overall permitting is entering a range consistent with past expansions, albeit with the mix weighted toward multi-family housing. Single-family permits remain relatively low.
- Mixed industry employment numbers tempered the Eugene-Springfield measure somewhat, but recent trends indicate underlying growth remains strong.
- Central Oregon remains a hotspot with strong growth buoyed by solid in-migration into the region. The housing market continues to power forward as demand outstrips supply, forcing prices higher.
- Home permitting was the primary weak spot in the Rogue Valley numbers. Otherwise, the pace of growth in the region has largely rebounded from the recession.
- The Salem area maintained the sharp rebound in activity that began in 2015. Housing permits made a positive contribution but were boosted by what is likely a temporary surge in multi-family permits.