Portland Population Grows, Unemployment Claims Slows and Construction Jobs Muddle

According to the State of Oregon Employment Department, Portland’s unemployment rate dropped almost 1 percentage point from this time last year. Over the last 12 months the area has seen job growth in almost every industry with one notable exception, construction. At the same time, population continues to rise, with the Portland metro area adding approximately 25,000 new residents. With such an increase in employment and population growth, the prices of existing real estate inventory are destined to rise until the construction industry catches up.