Portland, OR

2022 is shaping up to be a record year for Portland’s construction industry.

Residential construction, which accounts for just over half of the market – is expected to taper off in 2023 and 2024. In the 2010s Portland was one of many markets that couldn’t build fast enough to meet its demand, and costs rose as a result. Many residential projects here are beginning to wrap up, and the market is moving on to things like infrastructure, education, and healthcare. It has added workers throughout the first months of 2022, which should push labor costs down in as the market cools. Portland has managed to successfully grow its tech sector through tax incentives and rising costs in the Bay Area. More than 1,200 tech companies operate in the city, leading some to call it “Silicon Forest.” Increasingly, however, officials are directing more of their efforts to keeping its working population within the city limits. This broadly involves investing in transit and divesting from fossil fuels. Like in Sacramento to the south, the goal is to attract workers by offering them something that they cannot find in Silicon Valley – affordable housing and clean energy. It seems to be working so far.

Download PDF
* Other structures include religious buildings, amusement, government communications, and public recreation projects.
Download PDF

– SIGN UP –

Receive a full version of our

Construction Market Analysis

each quarter.