Here is The Oregonian’s weekly look at the numbers behind the state’s economy. View past installments here.
Oregon’s construction sector fared relatively well in the early days of the coronavirus pandemic.
Even as restaurants, bars, offices and many stores shut down, Oregon allowed construction to continue. That meant work continued on everything from home remodels to new apartment buildings to Intel’s multibillion-dollar Hillsboro factory expansion.
Even so, Oregon construction jobs fell by 10% in April and have been slower to bounce back than other industries. Oregon has lost 6,200 construction jobs so far this year, (seasonally adjusted) including a 2,600 job loss just last month.
Construction is a huge industry in Oregon, as elsewhere, comprising about 5% of all the state’s jobs. And a hearty sector suggests underlying economic strength, with investment in housing, manufacturing, transportation and office space setting the stage for future growth.
Across the nation, though, the long-range picture for construction is concerning.
The monthly Architecture Billings Index is a leading indicator for the construction industry, reflecting projects in the pipeline that could start work in the next year. An index below 50 indicates a decline in billings and a diminished outlook – and the national index fell from 53 in February to 29.5 in April. It settled out at 40 during the summer and remains there, pointing to a protracted decline in building activity.
Oregon may fare better because some major projects, like Intel’s expanding factory, were already well under way when the pandemic hit. And voters could give the industry a boost with next month’s ballot.
One measure would commit Portland Public Schools to $1.2 billion in school construction over several years, while Metro’s transportation bond envisions $5 billion in new light rail, road and safety construction.
Polling suggests the schools measure is likely to pass, but the transportation bond may be in some trouble with voters.
-- Mike Rogoway | mrogoway@oregonian.com | twitter: @rogoway | 503-294-7699
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October 25, 2020 at 10:14PM
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Oregon Insight: Construction industry’s outlook remains soft - OregonLive
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