A study presented by the Oregon Employment Department (OED) found that Oregon incomes are spiking. The constant climb on the income numbers has not measured up to the national average. The report found that Oregon’s per capita personal income was $61,596 last year. That’s 96% of the national average. Looking back to 2011, Oregonians made 88% of the national average.
Expert economic forecasters expect 2.4% personal income growth in 2023 and climbing to around 5% for the next several years. Economists expect a mild recession beginning next summer which may cost the state 24,000. The unemployment rate will be effected and may rise to over 5.4%. The current jobless rate for Oregon is about 4%.
Historically, Oregonians have earned less personal income than people in other parts of the country. That is not currently the outlook as that gap has narrowed considerably. Personal income consists of earnings — the wages and salaries from employment — plus investment income and government payments. It recently has included the pandemic stimulus checks that continued into last year.
Oregon’s personal income grew up by 8.2% last year, according to OED. It matched Washington for the 10th fastest growth in the nation. The state ranked 21st overall in per capital personal income. Some experts say that stimulus payments inflated personal incomes last year. This has thrown off much of the experts.
Some cities have received an influx of professional workers caused by the state’s growing tech sector. The poverty rate has dropped steadily in the Portland area which is the largest city, population wise, in Oregon.
