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Portland Pulse - June 2020

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Local, state, and national indicators showing the relative health of the Portland economy

The impact of the coronavirus pandemic is not fully reflected in first quarter data, as much of the quarter occurred before protective measures were implemented. Initial claims for unemployment insurance paint the clearest picture of the current situation. For weeks that ended in April, the state of Oregon saw a 1,059% increase in claims year-over-year, with 197,100 claims compared to 20,156 claims over the same period in 2019. Other indicators point to the health of Portland’s economy prior to the stay-at-home order. Wage growth was a healthy 3.7% over the year and there were 651 construction permits pulled in March for single-family dwellings during the month, which is only 5.5% less than the 30-year average. The yield on 10-Year US Treasuries, however, began noticeably declining in January and is down 24.4% since March. Livability, relative affordability, and a diverse industry-base will ensure the region’s economic vitality in the long-run, but until employees return to the office and economic growth begins, indicators will not reflect the underlying health of Portland’s economy.


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Portland Pulse - June 2020

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