The University of Oregon Regional Economic Indexes for October 2017 was released today, December 29, 2017. We thank KeyBank for their generous support of this project.
Oregon’s major metropolitan areas entered the final quarter of 2017 on solid footing. Highlights of this month’s report include:
- For all regions covered by this report, both raw and moving average measures (which smooth monthly volatility) remain above zero, indicating above trend pace of activity.
- Housing numbers maintain the patterns of recent years, with solid sales activity across all regions yet tepid new construction activity.
- While both the Portland and Central Oregon regions have seen housing activity close to somewhat above normal (a contribution of 0 to the measure), remaining areas have remained below normal as gains in the numbers on the back of a surge in multi-family permits, such as Salem this month, prove to be largely temporary.
- Employment activity has been generally solid across regions and industries. Moreover, the solid job growth has contributed to sharply lower unemployment rates, generating large contributions to all measures. Low initial unemployment claims suggest employers will continue to add jobs.
- Still, job growth is slowing statewide as the expansion matures; regions are likely at or past peak growth rates for this cycle although there is no indication the economic expansion that began in 2009 will end this year.
Tim Duy – 541.346.4660 (w)