The stigma around the Oregon economy for some time has been pretty negative, especially around the city of Portland. The main topic of discussion is that businesses are closing by the handful, and their downtown locations are sinking. But what I have learned after reading this article, it is clear that there are some major positives not being given enough attention. Starting with Oregon has had more business openings compared to closures for the most part of the last 10 years and a similar rate in 2023. This is able to happen due to their workforce having higher education, there is a lower bar compared to other states to establish a business, receive a tremendous amount of support from the colleges/banks, and their growing population. Though there is progress, it comes with some warnings because the number of business openings decreased a bit after 2024, and compared to big factories, small shops do not employ more people, causing the unemployment rate to increase.
I like how you challenged the negative perception of Oregon’s economy by showing that business openings have actually outpaced closures, and you did a great job keeping your argument balanced by acknowledging the downsides. Do you think the recent slowdown in new business openings after 2024 could eventually outweigh these positives?
ReplyDeleteIt's interesting to see how having an educated workforce and less barriers create this strong foundation so that the number of business openings doesn't have a large impact.
ReplyDeleteI had not heard about Oregon's business challenges before reading this post. This was really interesting to read about, and I liked how you showed both the positives and negatives. This made me wonder if other states are having issues similar to this or if only Oregon is having a large number of businesses close?
ReplyDeleteI wonder how correlated the number of openings/closings is to the interest rate. And also if this is more influence from the federal level or the state level. You seem to say how the local colleges and banks are helping so that indicates the state level. I also wonder how Oregons population makeup is affecting this. I know a lot of younger people are moving out there and with that rise there seems to be a trend of millennials and Gen Z favoring the small local shops as compared to big name brands. Which would influence people to open those businesses
ReplyDeleteI was unfamiliar with this stigma Eli. It's awesome to see the recent positive trends like their workplace having higher education rates. I am glad they are thriving and improving.
ReplyDeleteThis is a good reminder that economic narratives can be misleading, especially in places like Portland. While concerns about downtown decline get a lot of attention, the steady pace of new business creation suggests underlying resilience, although the shift toward smaller businesses could still pose challenges for overall job growth.
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