According to Bloomberg’s Economic Evaluation of States, Oregon’s economic health was the most improved in the United States last year! Oregon had the best-preforming economy, rising mostly through the first three quarters of 2015, based off data that included factors such as employment, home prices, tax revenues, and the publicly traded equity of its companies.
The closest two contenders for the #1 spot were North Carolina and Michigan, falling at least a full percentage point short. Oregon beat them out because of its consistency of improvement across the six values (related to industry and financials) in the index.
Oregon benefited from the following improvements:
- An 11% increase in tax revenues
- An employment growth of 2.73% that surpassed 44 states
- Mortgage delinquency fell by 25%
- Oregon Companies outperformed their peers with a 3.02% total return
- Population growth of 1.5% versus the national average of .8%
- Unemployment rate lowered by 1.3 percentage points
Adding to that last point, in 2015 Oregon’s unemployment rate actually started out quite high; experts concluded that it was most likely because of the spike in the number of unemployed people moving to Oregon and the heightened competition it added to the job market. Though apparently, a lot of these people ended up finding work because the unemployment rate then dropped in the last three months of the year; it dropped enough to beat the 2014 unemployment rate.
It will be exciting to see how this will compare to 2016!