Portland is expected to see a notable decrease in construction volume until 2022, with slowdowns in every major construction sector due to the pandemic.
Project delays caused by concern for public health and safety have negatively impacted construction volume and regulations have caused construction productivity to drop as well, thereby increasing project costs. The commercial, manufacturing, and education sectors are expected to all see market volume drops greater than 17%. All three market sectors are foreseen to see year-on-year growth in 2022, as is the residential construction market, which accounts for more than half of Portland’s construction volume. The downward pressure on prices exerted by the decreasing construction volume should be counteracted in part by the tight trade labor market and disruptions to the global supply chains.