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Saturday, January 22, 2005
Portland metro economy growing, albeit slowly
Oregon's economy, one of the weakest in the nation for more than four years, began to turn around near the end of 2004. The Oregonian's Brent Hunsberger reports that at least part of that growth came from the Portland metropolitan area.
[Update 9:23 AM Pacific]: Salem's economy appears to be growing as well. The Salem Statesman Journal has this story in today's paper.
The Portland-Vancouver area's unemployment rate dropped to 6.1 percent last month, its lowest December reading in four years, according to figures released Friday by the Oregon Employment Department.The Portland metro area, long marred by a soft economy, is finally beginning to rebound, but much more needs to be done. Perhaps the city's new mayor Tom Potter, working in tandem with his City Council and Metro Council President David Bragdon, will be able to develop a plan to fully utilize the many unique aspects of the region. At the current rate of growth, however, something must be done.
For all of 2004, though, job growth in the metro area came at a much slower pace than it did in the rest of Oregon. The numbers show that Portland-area employers increased payrolls by 1.2 percent between December 2003 and December 2004, compared with the 2.2 percent growth in nonfarm payroll statewide during the same period.
About two-thirds of new jobs last year in Oregon were created outside the state's biggest metro area, home to half the state's population.
[Update 9:23 AM Pacific]: Salem's economy appears to be growing as well. The Salem Statesman Journal has this story in today's paper.
December numbers show that Salem's economy took a step forward in 2004, the Oregon Employment Department reported Friday.
About 800 fewer people were unemployed in December compared with the same time in 2003. Total nonfarm payroll employment increased by about 1,000 jobs compared with a year earlier.
Mary Lee Wright, a regional economist for the state, said that the average job gains during the entire year likely will turn out to be higher than those December-over-December numbers. The state plans to issue more definitive numbers for 2004 this spring, once it looks more closely at tax records.
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