In The News

ECONOMY: Oregon’s revenue forecast

Oregon Gov. Kate Brown today applauded the news from Oregon’s latest revenue forecast, which shows the state’s economy continues to be one of the strongest in the nation. Additionally, last week, the Bureau of Labor and Statistics reported that Oregon had the largest employment growth in the country over the last year.

Data from the State Economist finds that Oregon ended the 2015-17 biennium with more than $100 million in additional dollars. Nearly $40 million of this total is from dollars returned by state agencies to the general fund. Last spring, Governor Brown announced a series of policies to conserve taxpayer dollars that contributed to the higher than expected ending balance.

“Oregon continues to show the world that our state is a great place to live, visit, and do business. Oregon businesses and workers develop world-class products and ideas—and that’s something to celebrate,” Brown said. “But we can’t rest on our laurels. There’s still a lot of work to do to make sure our economy improves for everyone—particularly for rural communities and underserved populations.”

Gov. Brown worked with the Legislature this year on several initiatives to support economic development:

Transportation Package

10-year, $5.3 billion investment in roads, rail, bridges, and ports. Besides supporting 16,000 construction jobs, these infrastructure improvements help businesses grow and get goods to market more quickly.

Workforce Development

$170 million for Measure 98 to support Career Technical Education, college prep and drop-out prevention.

Eastern Oregon

The creation of the Eastern Oregon Border Economic Development Region (HB 2012) and $5 million for economic and workforce development, in addition to over $900,000 in assistance to farmers after severe winter storms and to aid in regional economic development.

Manufacturing and Innovation

$14 million for the Oregon Manufacturing and Innovation Center in Scappoose.
Portland Harbor

$8 million to clean up the harbor, opening the way to millions more in economic development.

Gov. Brown traveled extensively to meet with business owners across the state in 2017, including a walking tour of downtown Tillamook.

“I’m always impressed with the innovation and determination of Oregon businesses — from world-class agriculture to sportswear to cross-laminated timber,” Brown said. “I’m committed to helping employers overcome barriers to even greater success. That includes addressing housing shortages and workforce availability. With unemployment at record lows, now is the time to focus not just on getting people jobs, but preparing them for better jobs. That means more family wage salaries and higher productivity for Oregon business.”

Gov. Brown recently announced $5 million in business development investments and credits interagency Regional Solutions teams around the state with helping businesses cut through red tape.