Tuesday, June 23, 2009

Portland Doing Better than Other Areas

At least part of the Portland area (Multnomah and Washington counties) has fared slightly better than the rest of the state during the current downturn. Over the past year the two counties lost 23,000 jobs -- a 3 percent decline, compared to a drop of nearly 5 percent statewide. The area has also seen its unemployment rate increase to 10.0 percent, which is below the state's 12.1 percent (not seasonally adjusted), in May.

In January, the Case-Schiller House Price Index for Portland was down 17.5 percent from its July 2007 peak. The index's 20-city composite was 28.0 percent off its most recent peak set in December 2006. According to one of the index's founders, Portland has a "sticky" housing market, where home prices are not falling as dramatically as other metro areas around the country.

To see a more detailed analysis of the Portland area's economy, check out this article, written by Portland's Regional Economist Amy Vander Vilet.

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