Portland, OR

The future for Portland in the next 24 months looks steady and dependable, before a slight uptick in construction in 2021.

Despite this, Portland remains one of the tightest markets in the U.S. for labor, with cost increases outpacing the national average. Unemployment currently stands at 3.7% according to the Bureau of Labor and Statistics, and this continues to put pressure on the market. Multiple large developments will help keep the market steady over the next few years, with residential expected to continue bouncing between highs and lows; however, the effect of new legislation to impose rent control remains to be seen. Healthcare, infrastructure, and education continue to lead the market, albeit with concerns that the market will reduce after 2021. Some interesting developments are happening that are being watched from afar, including the use of technology in construction and the new eight-story Carbon12 building, which is reported to be the tallest commercial structure in the United States constructed from timber. Overall, the market looks solid and will remain so for the coming years; however, the pressure will be on for escalation of pricing relative to construction volume and labor availability.

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