Finally, Some Good News on Employment: Jobs Returning to Oregon

Oregon, like many an American state, has suffered from rising unemployment since the economy’s downturn. But today, welcome news from both the white and blue collar sectors: jobs are coming back.

Finance Looking Up

September of this year ushered in the first sign of recovery for Oregon’s blighted financial industry. Oregon Live reports that “After five straight years of losses that wiped out 14 percent of its jobs…..banks, insurers and other financial companies added 300 jobs in September…..according to the monthly jobs report released by the Oregon Employment Department.”

Oregon financial jobs

(C)Molly Young/The Oregonian

Year-over-year, this means that 95,100 people were working in Oregon’s finance, 3,100 more than were doing so in September of 2011. And correspondingly, 700 fewer finance industry workers were collecting unemployment this September than did so last September.

Industry Returning

In the industrial sectors—an important part of Portland, OR’s economy—news is also good. Evraz North America will reopen its Rivergate district pipe mill. The return of this factory is a major win for Portland workers, up to 200 of whom will be hired (or re-hired); these jobs were originally lost when Evraz moved headquarters from Portland to Chicago.

Though restarting the mill here is probably more a response to the country’s growing appetite for natural gas and oil than a show of loyalty to Portland, residents can’t fault 200 industrial jobs nor the reawakening of this sector of the metro’s economy. Like any metro area, Portland needs to make things and sell things to the rest of the country- and the world- to truly succeed financially. 

So overall, the news is good for Oregon and Portland employment. Coupled with the fact that our housing is relatively affordable and interest rates are at an all time low, now might be a good time to check out houses for sale in the Portland, OR metro area. 

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert

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