Global Insight was commissioned by Greenlight Greater Portland to forecast greater Portland’s (this includes Portland and Vancouver) growth in population and jobs within the next one to five years. These figures are hot off the press as of December 2008. For more information, click on this link: www.greenlightgreaterportland.com.
In 2009, greater Portland is expected to grow by 1.7%, adding 37,400 additional residents, making it the fastest growing metro area on the West Coast. We are expected to reach 2.25 million residents by the end of 2009. From 2009-2013, greater Portland’s population is expected to increase by 6%, adding more than 136,600 residents.
Our region’s growth is expected to outpace that of Seattle (4.6%), San Francisco (3.5%), San Diego (3.2%) and LA (2.2%).
Within the past four years, greater Portland added 87,000 jobs and had the fastest growing employment of West Coast metro areas. In 2009, greater Portland is anticipated to lose 10,900 jobs (a -1% growth rate). This leaves greater Portland faring better than San Diego (-1.4%), Denver (-1.5%), San Francisco (-1.7%), Sacramento (-2%), San Jose (-2.1%) and LA (-2.1%).
However, in the next five years, greater Portland is expected add another 76,000 jobs. So, even though Portland’s employment is expected to dip in 2009, it is anticipated to rebound nicely after that.
What does this mean? Increased population and job growth means higher demand for housing.
The Urban Growth Boundary limits the amount of urban sprawl. Many people are migrating to Portland looking for alternatives to long commutes and wanting to take advantage of Portland’s excellent mass transit system. With increased demand and limited housing supply, the Portland housing market will continue to provide good investment opportunities.
Please give me a call at 503-232-4450 if you would like any information about the Portland home buying process or feel free to chat with me on my blog.
