According to the U.S. Bureau of Economic Analysis, Oregon’s Gross Domestic Product (GDP) is currently growing at an incredibly fast rate, quicker than it has in years.
In the third quarter of 2019, Oregon’s GDP increased by 2.3%. Nationally, the GDP increased 1.7% in the same time period, meaning Oregon’s economic growth is exceeding national levels. The reports from the U.S. Bureau of Economic Analysis show that Oregon’s economic growth rate last summer was the fastest in about seven years, also making it the eighth-fastest in the country.
WHY THIS IS HAPPENING. The largest influences are most likely Oregon’s industries: most notably, Intel, which majorly affects the fluctuations in the state’s GDP. Depending on Intel’s output of products, projects, and general success, Oregon’s economic growth can increase or decrease.
Oregon’s jobless rate is also the lowest it has been in years, at 3.7% in December of 2019.
There are other factors as well, but industries a major factor in this growth. Other sectors have been growing at a fast rate, including transportation, warehousing, utilities, leisure, and hospitality.
By Cara Nixon
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