Housing recovery lifts regional economies
New housing permits and residential home sales are lifting economies across the state, with the Portland area getting the biggest bounce.
According to the University of Oregon’sRegional Indexes of Economic Indicators, Portland’s rate of growth was 0.72 in July, where zero equals the region’s average growth rate between 1998 and the present.
The region’s three-month average growth rate, a more accurate measure of growth, was 1.11.
New private housing permits held steady in every region except Salem, while residential home sales rose everywhere except Eugene-Springfield.
Portland got its biggest economic boost from professional and business services employment, which posted a July growth rate of 0.27.
Here’s how the state’s other regions fared in July:
- The Eugene-Springfield index was -0.05 and -0.16 across three months.
- The Central Oregon index was 0.04 and -0.28 across three months.
- The Salem index was -0.52 and -0.38 across six months.
- The Rogue Valley index was 0.12 and -0.57 across six months.