Not content to see 3 years of decreasing population, Oregon is now seeing its innovation hubs of software and chip design dry up and move away.

Software employment statewide is down 7.4% from its peak in the summer of 2022. The software cutbacks may mirror what’s happening in Oregon’s chip industry, which boomed during the pandemic and then lost jobs last year.

Venture capital investment in Oregon startups fell sharply last year — to its lowest level since 2017. Relatively few entrepreneurs are starting tech companies in Oregon and those that are launching don’t seem to be attracting much attention. The Portland Incubator Experiment, which was at the center of Oregon’s software boom a decade ago, shut down its tech component last summer as tech entrepreneurship waned.

The article noted that Multnomah County now has one of the highest personal income tax rates that is likely making Portland less attractive for ambitious entrepreneurs.

Links:

• https://www.msn.com/en-us/money/markets/oregon-s-software-industry-is-shrinking/ar-BB1pXp87#:~:text=O%20regon%E2%80%99s%20software%20industry%2C%20which%20helped%20anchor%20the,period%20during%20which%20overall%20Oregon%20jobs%20grew%20steadily.