Portland Among Large U.S. Cities for Economic Growth
Thinking about relocating to Portland Oregon? If so, you’re making a smart choice. Thanks to recent data, we know that Portland Oregon was recently ranked as one of the top cities for economic growth in the United States.
The changing economy has made Portland one of the top cities for economic growth for a variety of reasons including the ease and convenience of the PDX area which makes it desirable for people who work remotely but there’s so much more than that.
In this article, we will break down the recent economic data so that you can have peace of mind about moving to the Portland area to get a job or start a business here.
Why Portland Remains A Top City For Economic Growth
Portland took 22nd place among best large U.S. cities for economic growth, ranking well across the board;
The city snatched first place among over 30 large U.S. cities analyzed for the highest trade-exports growth of 60.28% in 2022 compared to 2018, resting at $34,368;
Portland also boasted the third-highest growth in median earnings at 34%, surpassed only by Washington, D.C., and Fresno, CA. In 2022, Portland registered a median income of $48,062/year;
Moreover, the city stood out thanks to the 7% growth in housing units, registering a total of 301,084 in 2022;
Nationally, Mesa, AZ, took the crown for the best large U.S. city due to the increase in infrastructure, while Gilbert, AZ, and Nampa, ID, snatched first places in the mid-sized and small cities categories, respectively.
Note: GDP values are expressed in thousands of USD (e.g., $2,000,000 in GDP means $2,000,000,000). Trade values are expressed in millions of USD (e.g. $2,000 in trade means $2,000,000,000).
Learn more about the study here
17 Reasons To Move Your Business To Portland Oregon
Greater Portland is on the rise. Its thriving economy, highly educated workforce and attractive cost of living make it a great place to start or grow a business. The region’s strategic location, strong transportation system and abundant natural resources make it an ideal place to call home. Here are 17 reasons to move your business to Portland, Oregon.
- Growing labor market: With 7.3% employment growth in 2021, Greater Portland is the fourth-fastest growing labor market in the U.S., according to an analysis of federal data for the 100 largest metros by The Business Journals. See a list of our region’s top employers.
- Educated workforce: The Portland region has a highly skilled and educated workforce, with more than 55% of residents holding a bachelor’s degree or higher.
- Tax advantages: Greater Portland straddles two states, each with unique tax advantages. Oregon has no sales tax and low corporate income taxes for businesses that sell most of their products outside Oregon. Washington does not have a personal or corporate income tax.
- Access to talent: Sixty-six universities, colleges and satelite campuses are located within 100 miles of Greater Portland, providing businesses with a steady pipeline of talent.
- Sustainable region: Sustainability, eco-friendliness and citizen-focused infrastructure factored into Portland’s ranking as the second most future-focused city in the U.S. by Financebuzz in 2021. Read our climate tech industry overview.
- Active outdoor culture: Greater Portland’s proximity to the Pacific Ocean, mountains, and 37,000 acres of parks and green space provide ample opportunities for outdoor recreation.
- Top food city: Portland is consistently ranked the top city for foodies, a No. 1 city for coffee lovers, and best pizza city in America.
- Research & development hub: Engineers at Intel’s R&D operations in Hillsboro create the computer chips that are replicated all over the world. This is why Oregon is home to nearly 15% of the nation’s semiconductor employment. Read our computers and electronics industry overview.
- Affordable cost of living: U.S. News & World Report ranked Greater Portland the most affordable metro on the West Coast in 2021.
- Best airport in America: Portland International Airport has been voted “America’s Best Airport” inTravel+Leisure magazine’s reader survey nine out of the last 10 years.
- Premier shipping access: Greater Portland is home to four ports, including deep-water ports in Portland and Vancouver, which handle 30+ million tons of cargo a year.
- Strong transportation system: The metro area has an extensive transportation system, including a close-in international airport, light rail and bus service.
- Lowest energy costs: Portland offers some of the lowest energy costs in the nation for power users of all sizes.
- Inclusive economy: Brookings Institution ranked Greater Portland No. 1 for inclusion, citing the equitable distribution of its growth.
- Culture of creativity: Oregon generates the fifth-most patents of any state, thanks in large part to the innovations by Intel, Nike and adidas in Greater Portland.
- Hotbed for food innovation: Greater Portland’s food and beverage industry employment is nearly twice the national average. Our region is home to beloved brands such as Bob’s Red Mill, Tillamook Dairy Co-Op, Stumptown Coffee Roasters, Aviation Gin and Salt & Straw.
- High quality of life: In 2021, Greater Portland was ranked the best place to live on the West Coast based on quality of life, job market, value and desirability. Learn more about our top-notch livability.
Contact Us
At Portland Rental Management, we specialize in local property management for the Portland Oregon area.
With decades of experience, there’s nobody better than our team because we will provide you with the expert property management that you need to manage your rental property, or we can help you find a great rental in the portland OR area.
To learn more about the services that we can offer you, contact us today by calling (503) 646-9664 or click here to connect with us online.
