Echoes of a Boom: Billion dollar projects boost growth in industrial, commercial sectors – even as multi-family development is slowing
Nearly a decade after the Great Recession, the long and frustratingly slow recovery has morphed into a barrage of development that by some measures surpasses the mid-2000s housing bubble. The city issued nearly 12,000 buildings permits through the first 10 months of its current fiscal year for a record $2.5 billion in projects, easily eclipsing the previous high of $1.9 billion set the year before. Interviews with dozens of developers, construction company executives and union officials reveal a boom that includes all real estate categories, from high-end apartments in Portland’s urban core to enormous data centers in the eastern Oregon desert. Fueled by strong in-migration and job growth, Portland should remain red-hot in the near-term, they predict.
Nearly a decade after the Great Recession, the long and frustratingly slow recovery has morphed into a barrage of development that by some measures surpasses the mid-2000s housing bubble. The city issued nearly 12,000 buildings permits through the first 10 months of its current fiscal year for a record $2.5 billion in projects, easily eclipsing the previous high of $1.9 billion set the year before. Interviews with dozens of developers, construction company executives and union officials reveal a boom that includes all real estate categories, from high-end apartments in Portland’s urban core to enormous data centers in the eastern Oregon desert. Fueled by strong in-migration and job growth, Portland should remain red-hot in the near-term, they predict.Read the rest of the article here: 21 cranes, 15 hotels, 10,000 jobs: Inside Oregon’s development spree | OregonLive.com