Good afternoon Economic Indicators fans!
Here is the October 2017 set of Economic Indicators for Southwest Oregon. Inside this month’s edition:
Decreasing unemployment rates over-the-year across our three counties, as well as the State of Oregon.
Over-the-year job gains continue to remain positive for Coos, Curry, and Douglas counties.
Graph of the Month!
This edition’s GOTM is from an article written by our Regional Economist, Annette Shelton-Tiderman, titled Coos County, an Economic Update. Featured is the chart detailing the permits issued by unit-type from 2006 to 2015 and the relationship to employment in the construction industry. Throughout this timeframe, Coos County’s building permits have been comprised of roughly 28% multi-family units with a noticeable lack of multi-family units permitted since 2007. Could this potentially be a cause of the increasing rents demonstrated in last month’s Indicators? Long story short - it’s possible.
“…the monetary increase could be attributed to a large number of homeowners transitioning to renting after the Great Recession and a lack of newly constructed multi-family units (in gold, orange, and purple). When the supply of a certain good (apartments) does not align with a substantial increase in demand (more renters), an upward movement of prices is likely to occur.”
Housing availability is an issue across the Oregon Coast, and this may be just one piece of a convoluted puzzle.
To view more of our publications on Southwestern Oregon’s counties, as well as publications on the statewide level, please visit our area’s website at www.QualityInfo.org/Southwestern-Oregon.