Portland Risks 'Urban Doom Loop' as Jobs, Residents Decline

Economists have expressed concerns that Portland is on the brink of an 'urban doom loop,' characterized by declining population and job losses, particularly in high-paying sectors. The latest economic report from the Portland Metro Chamber reveals that Multnomah County lost over 5,000 residents in 2023 and thousands of jobs in areas like information and financial services. In contrast, neighboring Clark County is experiencing population growth and attracting higher-income residents, with an average income of nearly $106,000 for newcomers compared to just over $73,000 for those moving to Multnomah County. The report highlights that Portland ranks second to last in national real estate attractiveness, further complicating its recovery from the pandemic, which is lagging behind other major cities. City leaders are urged to implement bold strategies to improve livability and attract businesses to prevent further economic decline. The overarching message is that immediate action is essential to avert the grim fate of a sustained economic downturn.