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Portland Business Alliance’s State Of The Economy Report Finds 2021 A Rough Year For Rose City

PORTLAND, Ore. – 2021 wasn’t kind to Portland.

In the Portland Business Alliance’s annual State of the Economy Report, the Rose City’s reputation, affordability, and the pandemic all led to a challenging year.

Key Report Takeaways: 

  • 3.4% unemployment rate in Portland metro, as of Dec. 2021
  • -13.5% – Jobs lost in the Leisure and Hospitality sector, a rebound from 50.7% during the pandemic’s peak
  • 72% decline in Downtown Portland foot traffic since before the pandemic, compared to 42% decline in visitor foot traffic
  • 32% increase in racial or ethnic diversity across Portland’s population, since 2010
  • Clark County is growing nearly as fast as Multnomah, Washington, and Clackamas counties combined
  • $94,000 – Earnings needed for a household of two adults, two children to achieve self-sufficiency in Portland
  • +3.5 percentage points – Portland exceeds Seattle’s tax burden by 3.5 percentage points for a family earning $75,000
  • $72,633 – Median household income, adjusted for cost of living, second lowest among peer regions

“For far too long, our region has assumed that demographic and economic growth was a given,” said Portland Business Alliance President & CEO Andrew Hoan. “The sentiments of the region’s residents and this economic report reveal those assumptions are no longer valid, and point to one conclusion: we are at an economic crossroads. Policy and elected leaders must pivot away from complacency and urgently collaborate on all levels of government to retain and attract employers and households if we hope to fulfill the economic promise of this incredible place.”

 



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