Gross Domestic Product
Real GDP (a measure of economic growth) has increased since 2000, going from $130 billion to $210 billion in 2017.
Jobs
Private-sector employers have added 300,000 jobs since 2010, the national low point for private-sector employment. From 2017 to 2018 the private sector added 50,000 new jobs. There were 1,610,000 total jobs in the private sector in 2017, more than before the recession by 150,000 jobs. Average hourly wages in the private sector grew from 2009-2018, going from $21/hr to $26/hr.
Manufacturing employment decreased since 2001, especially during the recession. There were 190,000 jobs in this sector in 2018, below pre-recession levels of 207,000 jobs. Average hourly wages of manufacturing employees increased from 2002-2018, going from $15/hr to $21.50/hr.
There were 65,000 jobs in the Transportation, Warehousing and Utilities sector in 2018, 5,000 more than before the recession, showing growth in this sector. The average wage in Trade, Transportation and Utilities occupations increased from 2016-2018, going from $20/hr to $22/hr.
Unemployment
The unemployment rate in 2018 is 4.1%, the same as 2017. This is slightly above the national average of 3.9% unemployment.
Housing
The House Price Index, a measure of the cost of housing, decreased from its 2008 peak until 2012 when it resumed growth, hitting 540 in 2018 (compared to 460 in 2008), showing rising housing costs that are above past highs.
Portland-Vancouver-Hillsboro
Gross Domestic Product
Real GDP (a measure of economic growth) increased from 2000-2011, dipped from 2011 to 2013, and grown consistently until 2018, matching 2011 highs of $150 billion in 2018.
Jobs
Private-sector employers have added 230,000 jobs since 2010, the national low point for private-sector employment. From 2017 to 2018 the private sector added 55,000 new jobs. There were 1,040,000 total jobs in the private sector in 2018, more than before the recession by 120,000 jobs. Average hourly wages in the private sector grew from 2008-2017, going from $22/hr to $28/hr.
Manufacturing employment has grown since the recession. There were 85,000 jobs in this sector in 2018, slightly above 2008 peaks of 82,000 jobs. Average hourly wages of manufacturing employees increased from 2011-2018, going from $18/hr to $23/hr.
There were 38,000 jobs in the Transportation and Warehousing sector in 2018, 1,000 more than before the recession, showing slight growth in this sector. The average wage in Transportation and Material Moving occupations was $19.38/hr in 2018.
Unemployment
The unemployment rate in 2018 is 4.1%, the same as 2017. This is slightly above the national average of 3.9% unemployment.
Housing
The House Price Index, a measure of the cost of housing, decreased from its 2008 peak until 2012 when it resumed growth. As of 2018 it has significantly exceeded pre-recession peaks, showing increased housing costs.
