A message from Andrew Hoan about our regional economy
By Andrew Hoan, President and CEO
March 7, 2023
On Tuesday, February 21, we presented the 2023 State of the Economy and State of Downtown & the Central City reports at our monthly Forum. It was the first time we met in person for this annual release since 2020. What a difference three years has made!
I invite you to read the 2023 State of the Economy and the first annual 2023 State of Downtown and Central City.
During the 2020 gathering, we revealed that Portland’s economy had outpaced the U.S. annually for nearly a decade. We were flying high, celebrating job and GDP growth across the region. Our central city retail and office vacancy rates were near historic lows. People were moving to the region at a rapid rate, so much so that Oregon added a sixth U.S. House seat.
We have been through a lot since then.
Oregon was one of the first states to respond to the pandemic and one of the last states to ease restrictions, and these actions saved lives. This also resulted in a number of unforeseen and long-term challenges for our region, economically speaking, especially to our leisure and hospitality sectors. Our central city suffered political violence resulting in perpetual destruction of downtown businesses as well as damage to our national reputation. A rapid increase in crime has further degraded our quality of life. Add historical wildfire smoke and ice storms along with growing personal and business taxes and it is clear, we are not like other regions, we have been hit harder, it has lasted longer, our economy is in dire need of help.
The Alliance has released this data since the last recession. It is an opportunity to share the true state of the economy with policy makers, business leaders and the community, reflect on the information and see how we measure up to our peer regions. The 2023 report clearly shows there is much work to be done.
It is not the time for looking back but a time for forging ahead. Please share this report, engage with elected leaders, and let’s join forces to advance a shared vision for moving our region forward.
With the pandemic abated, resources, attention and policy must be focused on Portland at all levels of government. With meaningful public private intervention, our economy can and will recover and regain its stature among the nation’s leading places to live and do business.
We are eternally grateful for the support of Bank of America who consistently funds our work, Downtown Portland Clean & Safe for the addition of the State of Downtown & Central City report.
Also thank you to our Value of Jobs Coalition for their inputs and ongoing partnership: Greater Portland Inc., Oregon Business & Industry, Oregon Business Council and the Port of Portland.
I invite you to read the 2023 State of the Economy and the first annual 2023 State of Downtown and Central City.
2023 State of the Economy executive summary (pdf) |
2023 State of Downtown & the Central City executive summary (pdf) |
During the 2020 gathering, we revealed that Portland’s economy had outpaced the U.S. annually for nearly a decade. We were flying high, celebrating job and GDP growth across the region. Our central city retail and office vacancy rates were near historic lows. People were moving to the region at a rapid rate, so much so that Oregon added a sixth U.S. House seat.
We have been through a lot since then.
Oregon was one of the first states to respond to the pandemic and one of the last states to ease restrictions, and these actions saved lives. This also resulted in a number of unforeseen and long-term challenges for our region, economically speaking, especially to our leisure and hospitality sectors. Our central city suffered political violence resulting in perpetual destruction of downtown businesses as well as damage to our national reputation. A rapid increase in crime has further degraded our quality of life. Add historical wildfire smoke and ice storms along with growing personal and business taxes and it is clear, we are not like other regions, we have been hit harder, it has lasted longer, our economy is in dire need of help.
The Alliance has released this data since the last recession. It is an opportunity to share the true state of the economy with policy makers, business leaders and the community, reflect on the information and see how we measure up to our peer regions. The 2023 report clearly shows there is much work to be done.
It is not the time for looking back but a time for forging ahead. Please share this report, engage with elected leaders, and let’s join forces to advance a shared vision for moving our region forward.
With the pandemic abated, resources, attention and policy must be focused on Portland at all levels of government. With meaningful public private intervention, our economy can and will recover and regain its stature among the nation’s leading places to live and do business.
We are eternally grateful for the support of Bank of America who consistently funds our work, Downtown Portland Clean & Safe for the addition of the State of Downtown & Central City report.
Also thank you to our Value of Jobs Coalition for their inputs and ongoing partnership: Greater Portland Inc., Oregon Business & Industry, Oregon Business Council and the Port of Portland.