Even though it was among the hardest-hit sectors during the economic downturn, the manufacturing industry may be one of the first to begin adding jobs in Portland.
The Greater Portland Prosperity Index, a recent report from Greenlight Greater Portland, predicts the area will experience rapid growth when the economy begins to recover. Most notably, the city's emphasis on manufacturing and trade jobs will see an equally fast and robust economic rebirth.
Portland's manufacturing industry could increase by 14 percent during the next five years alone. The $22.1 billion sector currently employs 108,760 workers, making it the fifth-largest employer in the area, and contributes 22.1 percent of Portland's gross regional product.
The upbeat outlook is somewhat surprising given the number of jobs the nationwide manufacturing industry lost during the recession. And while 3.2 percent of the industry's jobs were lost in Portland last year almost three times as many workers were eliminated during 2008.
The Portland-Vancouver-Hillsboro area's manufacturing industry employed 104,500 workers during May, according to the U.S. Department of Labor Bureau of Labor Statistics. This is up from 104,300 workers during April, but still a 3.4 percent decrease from the same time last year.
GGP used several key business indicators to measure how well Portland will recover. Overall, the area's gross regional product will increase by 22 percent by 2015, which is faster than that expected in Los Angeles, San Francisco and Seattle.
GGP is a privately funded economic development group that focuses on retaining existing companies and recruiting new ones. The report is meant to help GGP determine what industries it will work to recruit or retain.
Various businesses help fund the group's budget, which could exceed $1 million this year.
