Oregon is the second fastest growing economy in the U.S., according to a recent MSNBC study behind that of North Dakota. That’s good news, but requires a closer look.
1. A boom in North Dakota and Oregon is a blip in California and Texas.
You’ll notice both North Dakota and Oregon are relatively small states. That means that a boom in output that would have a relatively small impact in larger states, like California and Texas, will have a big impact in these states.
North Dakota has enjoyed job creation in the energy sector, with their abundance of natural gas.
Portland (and Oregon’s) primary economic growth is fueled by “Durable Goods,” or manufactured items designed to last for at least three years. In short, it’s Intel, which is in the process of repatriating manufacture of microchips, largely due to overseas problems. These highly technical jobs are growing at a brisk pace. The effect of this growth is far more significant in real terms than in North Dakota, because Oregon’s gross domestic product (“GDP) is five times larger.
2. Job growth is highly stratified.
By far, the three most significant industries in the state of Oregon are durable goods (like Intel, discussed above) followed by real estate and government, all of which require s
Pity the worker who lost their job in recreational vehicle manufacturing
in the Great Recession. Fully 64% of those workers now earn almost 20% less at their new jobs. This is symptomatic of a national unemployment trend.
At the end of last year, when the unemployment rate was 8.6%, unemployment by level of education was:
• High school education – 12%
• College degree – 4.5%
• Professional degree – 2%
Consistent with that data, my cousin and his wife were both hired by Intel last year, and both are recent Ph.D. graduates.
On the other hand, the RV manufacturing job may never return. Jobs that require a high school education, regardless of business tax incentives, are likely to be permanently exported to countries with lower wages and benefits. Globalization is a reality.
3. Education is paramount
As the recovery from the Great Recession grinds forward, it is clear that skills training in areas of the economy that are growing, like technology and health care, are critically important. As we make difficult economic choices to reduce the national deficit, states that are enjoying growth would do well to invest in such training for their long term economic health.
I think words are really important when you are trying to understand the how and why of this situation. Making "blanket" statements like and using words like "pity" and even "love" require a lot of subjective interpretation.
Maybe breaking it down
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By far, the three most significant industries in the state of Oregon are durable goods (like Intel, discussed above) followed by real estate and government, all of which require specialized skills.
As an Oregon resident, there are lots of 20-30 year olds in the Portland area who work part time or how on the show ‘Portlandia’ say the place where 20 year olds go to retire. While it adds to the vitality of the area, it is a different culture than when I was that age in actually trying and seeking full time employment.
Hi Haralee, and thanks for your comment. I could not agree more with your observation. The entrepreneurship here is extraordinary. These young people show great resilience. I’d call them capitalists, but they’d probably not like it (even though I mean it in the most complimentary way).
Thank you for your article on Oregon. Oregon is one of those names you never see. That is ok, keeps us out of the headlines. lol lol However there is more to this story then “Portland”. There is so much more information. If you like a “lot” of people, traffic and traffic jams then you would be in the right place and yes, Portland, Oregon and Vancouver Washinton, side by side and both great. I would take Vancouver over Portland however. There is a lot to do there, beautiful country, pretty cities. That is just what they are “big cities”. For the rest of the state – many pretty towns, and Oregon is such a pretty state. Even the east part of Oregon that is desert. It all depends on what your looking for and what age you are. I live in southwest Oregon. I am in logging country. To people here that is all there is “logging”. However I am seeing alot of winery’s pop up. I travel the back roads for pretty days and there are alot going in. My part of the country is just beautiful. The coast, only an hour and half away is wonderful. On a nice day! North of me is Eugene, a college town. Shopping and certainly things to do. We have been hit hard here in Oregon, business going out of business, people being laid off. Even myself lost my job and couldn’t get another so was forced into early retirement. There is no double Oregon is a very nice place to live but again, it depends on what you looking for. Weather, if you like that sunshine all the time, don’t come here. I love the rainey days and the fog in the hills and mountains around me. We do not see freezing temperatures very often or 100 degree for days on end. We do not have lighting and thunder. Well maybe once a year. Yes, Oregon is beautiful, to me good weather and where I live a quiet place to live. If you or your other like camping, fishing, hunting, Oregon has that too plus snow, a lot of it if that is what you want. lol I could go on here forever but just wanted you all to know there is more to Oregon besides “Portland”. As most people that live here will tell you, come visit, we would love to have you, just don’t stay. lol lol lol
Hi, Eve, and thanks for your comment. I am a writer for the local Portland Examiner and this is a copy of a recent article. I must, according to their editorial rules, write for the city. Your point is well taken. We moved to Portland from Astoria, which as you know, is on the beautiful Oregon Coast. The state is certainly a range of geographic, political and socioeconomic places and people. If I were allowed to write for the state, and not just Portland, I’d love to include those aspects of this beautiful place.
Thanks again for your comment.
Kitty, thank you so much for clearing that up. I see this all the time not only here but other states. People talk about one town or city when there is so much more about the state and people. I just wanted to let others know more about Oregon and what a beautiful state it is. My daughter lives in Vancouver so I travel there about once a month and have adjusted well to the traffic in Portland. Always just be calm, patient and it doesn’t last forever. lol lol Jobs have been hit hard here like it has everywhere it seems. Being retired I do not have to worry about that anymore but it is sad, our times are changing and we have to be creative and change with them. It seems people in Portland and that area are very much alive and active. It is like being in a college town, a lot of things happening and going on. Rules, don’t you just hate that sometimes. I would think especially when your a writer, so much to say. I am not a writer and have alot to say. lol lol As my mother use to say I told you everything I know and you still do not know anything. Well, that is not true. she was a grand lady, was for women rights, in politics etc. Always seem to pick the wrong men for husbands. lol lol Keep doing the good job you are and enjoy our state.
Thanks, Eve!