National data for 2017 shows the Portland region in the top ten fastest job growth in the US among the 50 largest US Metros, tied with Raleigh and just between Seattle and Dallas. The continued job growth has pushed Portland’s unemployment to a record low 3.7%. The construction industry has enjoyed rapid job growth the last couple of years, growing by 8.3% in 2017.
Residential building permits is a popular leading indicator of trends in the construction industry. In the last decade we saw these permit applications in the Portland region hit a record high of 17,251 units in 2005 – before crashing to just 4,000 units in 2009. 2017 saw permits once again pass the 17,000 unit mark. Interestingly, the majority of housing planned in 2017 is multifamily units, compared to 2005 when the vast majority was single family homes. View Data