New GDP and Export Statistics Indicate Economic Improvements
Oregon’s economy continues to strengthen as the state’s export sales have helped fuel positive job growth over the last six months.
In a recent press conference at the Port of Portland’s new headquarters, Governor Kitzhaber said the state’s “economic picture has gotten a lot brighter” over the last six months. The Governor pointed out that:
- Oregon added 16,000 jobs in the past six months.
- The state’s unemployment rate dropped a full percentage point.
- Oregon ranks No. 7 for job growth.
In addition, a recent report from the U.S. Department of Commerce’s Bureau of Economic Analysis showed GDP in Oregon grew 3.4% in 2010, tied for sixth-fastest rate in the nation. Business Oregon economist Michael Meyers attributed the impressive increase to Oregon’s strong durable goods manufacturing sector.
One of the driving forces behind Oregon’s brightening economic picture is the growth of exports by Oregon companies, bringing new dollars into the economy. In particular, Oregon’s exports to China are booming.
Oregon’s exports to China totaled $4.05 billion in 2010—the fifth highest total in the nation. Oregon’s exports to China have surged 1,227% in the last decade, and over 36% from 2009 to 2010. Computers and electronics, at $2.8 billion, make up the bulk of the trade. Exports of machinery, such as equipment manufactured by firms like Precision Castparts, ranked fifth.
