PDX clobbered by recession


A study of 150 major metropolitan areas found that Portland was hit harder by the recession than most of the world.

Share this article!

A study of 150 major metropolitan areas by the Brookings Institution and the London School of Economics found that Portland was hit harder by the recession than most of the world.

Portland plummeted from a pre-recession rank of 45th to 139th during the worst of the recession, one of the steepest declines among metro areas included in the survey. Study author Alan Berube dubbed Portland one of the “housing-bubble metros,” places where an over-reliance on the residential real estate industry made it particularly vulnerable when the sector crashed.

The fall was particularly hard for cities like Portland that became overly reliant on residential construction. Only Las Vegas and Riverside, Calif., two of the housing-bubble hotbeds, lost more ground than Portland during the recession.

Read more at OregonLive.com.

{biztweet}portland recession{/biztweet}




Latest from Oregon Business Team