The December 2016 Oregon Regional Economic Indicators was released today. Full report is available here. We thank KeyBank for their generous support of this project.
Regional economies in Oregon posted mixed numbers in December. Highlights of this month’s report include:
- For all regions, moving average measures for November (which smooth monthly volatility) remain above zero, indicating above average activity. Recall that these figures measure relative average growth; each region has its own underlying growth rate.
- The Portland metro number slid noticeably. In addition to some softer employment components, winter weather appears to have impacted airport activity and municipal waste.
- A similar situation emerged in the Eugene-Springfield numbers, in addition to a soft reading on the civilian labor force. The Bend region was negatively impacted by a swing in initial unemployment claims, which rose during the month.
- The factors negatively impacting all three areas appear to be largely temporary and not reflective of a change in the business cycle.
- In contrast, both the Rogue Valley and Salem areas saw firmer numbers compared to the previous month. Both areas benefited from higher new home permits, an indication that steady housing demand is translating, albeit slowly, into new construction activity.