Portland, OR

Forecasts for Portland’s construction market have been revised downwards since our last report.

The residential sector – which accounts for just over half of the market – is expected to taper off next year without a corresponding increase in another sector to replace it. As the economic outlook becomes increasingly uncertain, many companies are reluctant to expand. This puts places like Portland, which is uniquely positioned to benefit from the government’s push to grow its semiconductor manufacturing capacity, at a disadvantage. Fortunately, Portland has a diverse economy to fall back on.  

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 here, 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 or Seattle to the north, the goal is to attract workers by offering them something that they cannot find in Silicon Valley – affordable housing and clean energy – and it seems to be working so far. 

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