Tuesday, July 21, 2009

Manufacturing Losses Slow Mid-Willamette Valley Economy

In our current economic recession, the manufacturing sector has been hard-hit in Oregon, the U.S., and internationally. That has certainly also been the case in the mid-Willamette Valley, where losses have occurred across a broad range of manufacturing activities.

Oregon's manufacturing sector lost 28,200 jobs between May 2008 and May 2009, shedding 14.4 percent of the sector's employment. Benton County's manufacturing sector has shown the steepest employment losses in the mid-Willamette Valley, shedding just over 20 percent or 910 jobs over the past 12 months. Linn County's manufacturing sector shed 14.2 percent of its employment, or 1,160 jobs. However, manufacturing in Linn County comprises almost 18 percent of the county's total nonfarm employment, nearly twice the statewide share.

The Salem Metropolitan Statistical Area (MSA) also experienced sharp reductions in its manufacturing sector during the current recession. The sector shed 2,600 jobs or 19.3 percent from May 2008 to May 2009.

Read the full article, written by Pat O'Connor who is the Regional Economist for Marion, Polk, Linn, and Benton counties.

No comments: