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Economy in Central Oregon
By Jake Procino | Workforce Analyst/Economist, Multnomah County | Oregon Employment Department
Central Oregon Economy in View:
Oregon’s total nonfarm payroll employment grew 0.5%, adding 10,900 jobs over the last 12 months ending in May. Multnomah’s nonfarm payroll employment contracted -0.8%, losing an estimated -4,300 jobs over the same time period. In the same time frame, the Bend MSA (consisting of Oregon's Crook, Deschutes, and Jefferson counties) grew 1.0% adding 1,130 jobs.
The seasonally adjusted unemployment rate in Oregon ticked up to 4.8% in May, a bit above where it was last year at 4.1%. Oregon’s unemployment is similar to the U.S.’s unemployment rate of 4.2%. Notably, Oregon remains similar it’s 10-year unemployment rate averages of 4.6%. Unemployment in the Bend MSA ticked up to 4.5%, up from 3.9% a year prior.
Find more about the Central Oregon economy here.
Topic of the Month: Domestic Product (GDP) in Oregon
According to the Bureau of Economic Analysis (BEA), Oregon’s year-over-year change in real GDP has been positive most years from 2001 to 2024 with the exception of the recessionary year periods 2001, 2009 and 2020. Compared to other states following the recent pandemic recession, Oregon’s growth in GDP from 2020-2024 ranked 34th at 11.7% compared to a high of 25.2% in Florida and a low of 7.3% in North Dakota.
In 2024, the real GDP in Oregon reached $265.1 billion in U.S. dollars. This is an increase of $3.2 billion from the previous year, when the state's real GDP stood at $261.9 billion. Four broad industries contributed the majority to Oregon’s GDP in 2024: health care and social assistance ($1,195.0 million); retail trade ($839.9 million); information ($771.6 million); and agriculture ($600.0 million).
Oregon’s per capita real GDP rose from $41,618 in 2001 to $62,135 in 2024 – increasing by 49.3%. Most of this period saw Oregon’s per capita GDP increase year-by-year, except for the two recessionary periods during the years 2009 and 2020.
Read more about Oregon’s GDP on QualityInfo.org.
Articles of Interest
“Anticipated Impact of Tariffs by Oregon Businesses,” by Damon Runberg, Business Oregon.
“Craft beer sales fall for most top Oregon breweries,” by Kale Williams and John Frank, Axios Portland.
“Hundreds of Oregon Department of Transportation workers will receive layoff notices next week,” by Carlos Fuentes, The Oregonian/OregonLive.
The articles, research and publications herein are solely for educational purposes and do not imply endorsement nor reflect the views of the Oregon Employment Department.
