Oregon has one of the fastest growing economies in the nation. With important and growing industries in manufacturing, apparel, and green technologies, Oregon has a solid base in vital markets that will continue to enrich the economy moving forward.
Per capita GDP
Oregons per capita GDP, adjusted for inflation, has been growing fairly consistentlyand more quickly than both Washington and the U.S.-- over the past 15 years. If this trend continues, Oregon may even pass Washingtons per capita GDP in the future.
Real GDP growth in Oregon has been quite volatile, but, in all but the worst of the 2009 recession, GDP growth has remained positive. It has also generally exceeded Washington and the U.S.s GDP growth rates. Ensuring a strong Oregon economy in the future is crucial to continuing this remarkable pattern of growth.
Oregons median household income, adjusted for inflation, has remained relatively steady over the past 15 years and has only recently exceeded the USs real median household income. However, Oregon still trails Washington in this statistic.
Oregon's unemployment rate is one of the highest in the country; one of Oregons biggest problems right now is that so many of its workers are out of work. However, overall unemployment has been slowly decreasing, and it is important to see where jobs are located in the economy and what industries have the highest potential for employment growth.
Oregons unemployment rate has been consistently higher than both the U.S. and Washingtons unemployment rates over the past decade. Helping businesses create new jobs is a crucial goal to decrease Oregons unemployment.
Top 5 Industries for Oregon Employment
Oregon has many different industries driving its vibrant economy. Many Oregon jobs are within the healthcare and retail industries, but manufacturing, government, and food and lodging are also crucial for keeping Oregonians employed. Beyond these top-5 industries, many Oregonians are also employed in the production and distribution of durable goods as well as with financial-related occupations.
Oregon employment by business size
More than half of Oregons workers are employed by companies with fewer than 100 employees, and over a quarter are employed by companies with fewer than 20 employees. As policymakers continue to adjust employment regulations, it is important to consider the many small businesses that employ the majority of Oregonians.
Exports have always been a crucial sector of the Oregon economy. Although recently major exports have shifted from logging and forestry to high tech manufacturing and related industries, exports still remain an important component of the Oregon economy and play an important role in both Oregons GDP and its employment.
Oregons employment is helped by its stronger-than-average export market. While Washington exports account for a larger percentage of jobs than in Oregons exports do, Oregon still has a larger portion of jobs associated with exports than California and the US as a whole.
Oregon Exports by Sector
Oregons export industry is particularly strong in computers and electronics manufacturing, and agriculture also plays an important role.