We just read an uplifting article (finally) in Oregon Business entitled:The recession is finally over in Oregon. With a headline like that, who couldn't help but read on? Sounds promising!
The article goes over some statistics that we've long held to be indicative of economic recovery - namely, the unemployment rate...
"By the end of March, Oregon’s jobless rate had fallen to 10 percent. Chances are good it will drop into single digits by the end of April for the first time in more than two years. The state gained 42,000 jobs over the past year."
...and the housing industry.
"At the current rate of home sales, the market would be cleared out in 7.1 months [in Portland]. (Imagine that – a clean slate!) Compare that figure to the 19.2 months worth of housing inventory on the market in January 2009, and you get a sense of where we’ve been and where we’re heading."
Of course, the article heeds a "not-so-fast" warning, but we'd rather not read that far...actually the article is right in that real estate is a tricky one - the figures don't always "add up" at any given time due to a number of variables.
The good news in Oregon is that, according to the article:
- Intel is building a $2.5 billion factory in Hillsboro and just announced its most lucrative quarter ever.
- Facebook is pouring millions into its Prineville data center.
- Google is investing $100 million in Eastern Oregon wind power.
- Crop and beef prices are up for farmers and ranchers.
- Crab and salmon prices are up for fishermen. There will be a salmon fishery off the coast this summer.
- Exports are growing, with the weak dollar playing in Oregon’s favor.
- New businesses are popping up in downtown Bend and Bend's Old Mill District.
- Statewide, trucking is up 26 percent year over year, online job ads are up 23 percent, and business and personal bankruptcies are down 3.4 and 8 percent respectively.
What does this mean for Bend, Oregon real estate? We think things are looking better than ever!