It is no surprise that the construction industry in Oregon is far below the peak reached in 2007. This is the way that bubbles of any sort work. Once the burst occurs, much time is needed to recollect and rebuild. However, now nearly seven years later, a new study by the Oregon Employment Department has shown that the construction industry of Oregon still holds a shocking 30,000 less jobs than before the bubble popped. Why is this?
The Oregonian interviewed Damon Runberg, Central Oregon Regional Economist working for the Oregon Employment Department and publisher of the above mentioned study, to get his opinion on the matter. Runberg points out that residential construction is the leading force behind construction employment, given that it was a boom in the housing market, and demand plummeted after the burst. Runberg states that the construction industry is heading toward equilibrium, however, still below that of the boom. He says “our goal should not be to recreate the housing bubble;” so even though Oregon may not reach the same level of construction employment that it experienced in 2007, it is on a slow upward trend and the outlook is positive. Do you believe there is still cause for concern?
To read Damon Runberg’s Study Click HERE
To Read the Full Interview Between The Oregonian and Runberg Click HERE