Economic, population growth slowing its roll according to report


Rembold project   The Portland region is entering its ninth consecutive year of economic expansion and jobs growth, but the overall pace of growth is starting to slow down.
   Portland State University's Northwest Economic Research Center released a report this week, which provides an economic forecast.
   "When a community reaches full employment like ours has here in Portland, our ability to continue to grow fast is limited by resources like construction labor and land available to continue fuel that growth," said Tom Potiowsky, director of the PSU center and a former state economist.
   The report, titled Portland MSA Economic & Population Outlook, predicts that Portland's red-hot metro housing market will continue to cool.
   One factor slowing growth in the region is the lack of affordable housing. 
   Rising rents not only slow down migration of newcomers, but it also drives current city dwellers looking to buy or get more space further out of the city.
   "What we're starting to see is a movement outside the core metro area for housing," Potiowsky said. "Close in, Portland apartments are just too expensive for many lower income workers. As they move further and further from the metro core, their commute times and potential transportation headaches rise."
   Potiowsky and his colleagues do not foresee this slow down as a recession.
   To read more, see the report here or to see the Oregon Office of Economic Analysis' Josh Lehner's portion of the presentation, click here.