Portland’s construction market has been holding steady for the past few years, and we expect that trend to continue.
The pandemic hit the manufacturing and education sectors hardest, while the healthcare sector saw growth. Oregon deemed construction to be an essential industry, so trade workers here managed to avoid some of the layoffs that plagued the industry in other cities, with the total number of workers remaining relatively constant. Unemployment has been holding at about 6% since October. Portland is expected to invest heavily in its infrastructure, as is a trend throughout the Northwest. High speed rail, bridges across the Columbia River, and light rail are all major projects here. There is also a plan to expand the Portland International Airport. Residential construction is still the largest sector of the construction industry here, seeing a lot of small projects rather than a few large ones. Costs here are higher than the rest of Oregon but have been holding steady since 2015. We expect this trend to continue.