Economy of Oregon

Economy of Oregon
The Oregon State version of the U.S. Quarter features Crater Lake.
Statistics
GDP per capita
$45,049 (2016)[1]
Population below poverty line
15.5% (2008-2012) [2]
0.4586[3]
Labor force
2,159,278 (7/2023) [4]
Unemployment3.4% (5/2017) [5]
Public finances
Revenues$7,475.135 million[6]
Expenses$5,889 million[7]

The economy of the U.S. state of Oregon is made up of a number of sectors. During the 1990s and 2000s, Oregon has attempted to transition its economy from one based on natural resources to one based on a mix of manufacturing, services, and high technology.[8]

In the 1980s, hard times hit Oregon's main resource sectors: timber, fishing, and agriculture. Efforts by the state government to diversify the state economy led to the growth of Oregon's high tech sector, based in the three counties surrounding Portland, Oregon, but rural counties were left out. The tech bust of the early 2000s caused Oregon to lose many of the 43,000 jobs lost between 2000 and 2003. Between 2004 and 2007, Oregon's and the nation's economies grew based on increases in construction and services. Construction alone added 21,000 jobs during the period.[8]

The Gross Domestic Product (GDP) of Oregon in 2021 was $270.12 billion; it is United States' 25th wealthiest state by GDP. The state's per capita personal income in 2021 was $59,484.[9] As of November 2021, the state's unemployment rate is 4.2%. Oregon ranks 37th in the nation for unemployment.[10]

  1. ^ "Per Capita Personal Income in Oregon". stlouisfed.org. 22 March 2018. Retrieved 18 April 2018.
  2. ^ "Oregon QuickFacts from the US Census Bureau". Archived from the original on 2016-02-24. Retrieved 2016-05-27.
  3. ^ "U.S. Census website". United States Census Bureau. Retrieved 2016-08-18.
  4. ^ "Civilian Labour Force in Oregon". fred.stlouisfed.org. 21 August 2023. Archived from the original on 4 September 2023. Retrieved 4 September 2023.
  5. ^ "Oregon jobless rate hits another all-time low: 3.7 percent". oregonlive.com. 16 May 2017. Retrieved 18 April 2018.
  6. ^ "State Government Tax Collections Viewable Data". Archived from the original on 2015-09-24. Retrieved 2017-12-07.
  7. ^ "Archived copy". Archived from the original on 2011-08-23. Retrieved 2011-10-10.{{cite web}}: CS1 maint: archived copy as title (link)
  8. ^ a b "Oregon's Economy: Overview". Oregon State Archives. Retrieved 2009-03-11.
  9. ^ "Gross domestic product by state." Archived 2010-07-07 at the Wayback Machine Bureau of Economic Analysis.
  10. ^ "Unemployment Rates for States." BLS.gov