Like all major American cities, Portland saw many business closures in the retail industry with the beginning of the pandemic in early 2020. We continue to see the effects of that shock on rent and vacancy statistics for commercial retail space.
Like all major American cities, Portland saw many business closures in the retail industry with the beginning of the pandemic in early 2020. We continue to see the effects of that shock on rent and vacancy statistics for commercial retail space.
The need for access to employment centers has driven Prosper Portland’s strategic investments in East Portland. In collaboration with other public partners, Prosper Portland has developed five-year action plans in two East Portland Tax Increment Financing (TIF) district to determine priorities and investments in affordable housing, home repairs, community amenities, commercial spaces for local businesses, or other eligible projects.
Continuing challenges due to the pandemic, perceptions of reduced public safety, and the increasing preference toward remote work have reduced the presence of employees and visitors in Portland's Central City.
Staggering wealth inequality continues to be a significant challenge across the country. Multigenerational wealth created from property and business ownership drives much of this disparity; even gains in employment and income show little progress in erasing differences in wealth.
Portland has many promising traded sector industry clusters, including Green Cities, Athletic & Outdoor, Metals & Machinery, and Food & Beverage Manufacturing. It also has cross-cutting functional clusters around headquarters, software and professional services that intersect with and support these key clusters. Together, these clusters offer major growth opportunities – some in established, growing industries (e.g., Athletic & Outdoor, Software), some more emergent (e.g., Green Cities innovations around grid modernization), and others in legacy industries with a strong employment base and lower barrier to entry positions (e.g. Metals & Machinery).
While growth of higher wage, knowledge industry jobs is certainly a positive economic sign, we’re also seeing how growth in this “next economy” is contributing to the disappearance of the middle class, with a relatively flat level of growth in middle-wage employment opportunities. And when we divide Portlanders into five income quintiles, we see the stark impact of systemic racism and inequitable opportunities.
