Oregon’s regional economies remain strong. Most regions are modestly below their peak growth rates of the cycle and look like they are in a mature phase of the business cycle. Highlights of this month’s report include:
– For all regions, moving average measures (which smooth monthly volatility) remain above zero, indicating above average activity. Recall that these figures measure relative average growth; each region has its own underlying growth rate.
– New home construction remains mixed, with weak activity in the Eugene-Springfield and Salem regions and near neutral activity in the Portland metro and Rogue Valley regions. – Central Oregon home construction, however, is above average. Residential home sales remain strong across the state, helping support prices.
– Employment activity was mixed although generally supportive for more regions. Broader labor market indicators, however, remain consistent with a solid pace of job gains. Unemployment rates and initial unemployment claims are low and hence supportive to these measures, although the readings on civilian labor force were mixed but have been generally positive during this cycle.
– Municipal waste data contributed positively; generally, growing economies adding population and associated construction see an increase in waste.