The unemployment rate in the metro area stood at 4.2% in March 2024 – which isn’t that bad. The problem is that from a year ago, total employment fell 1.5% from the same time last year. Portland fared worse than all other US cities.

Local companies are tightening their belts. There have been big layoffs at Nike, Columbia sportswear, Wieden+Kennedy, Axios, and VACASA. The commercial vacancy rate in Portland is now the highest in the country – and is not predicted to recover for about a decade.

So how can you still have a decent unemployment rate while actual job hiring is shrinking? People are leaving the metro area. The last 3 years Portland metro has seen a net SHRINKING population – for a variety of very predictable reasons.

This isn’t something people can wave off as just a fluke. It’s been a 3 year trend, and it’s one that’s got demographers sounding alarm bells. Especially when many other parts of the country are seeing very nice population, employment, and civic growth.

Articles:

• https://www.wweek.com/news/2024/05/02/portland-metro-area-had-largest-loss-of-employment-among-us-cities-over-past-year/