FOR IMMEDIATE RELEASE
The Portland Metro Chamber released its State of the Economy and State of Downtown & the Central City reports. These reports were produced by ECOnorthwest, and presented by Bank of America and Downtown Portland Clean & Safe.
This year’s reports show the Portland metro region lost jobs while the national labor market grew substantially. Population loss continued in 2024 as small natural population growth (more births than deaths) were offset by net out-migration. The housing crisis persisted last year as production remained sluggish, and outside investors viewed the region unfavorably. Adding to the challenges, large regional employers experienced layoffs and leadership transitions.
“Our city and regional economy have some major obstacles to overcome. While our regional economy is trending in a positive direction after having recovered all the jobs lost from the pandemic, it is clear the heart, Central City Portland, is the most impacted and needs critical investments of resources, policy interventions, and innovation across sectors. Without urgent and focused attention that deploy every available tool, we will not enjoy the promise of shared economic prosperity that is vital for our region and the state.” says Andrew Hoan, President & CEO of the Portland Metro Chamber.
Hoan further states, “The path forward is informed by our recent successes on livability. Public private partnerships have produced noticeable gains in public safety, homelessness, and other core functions of our community. We have seen crime decrease, the reform of Measure 110 in addressing drug use on our streets, expanding shelter capacity for the unsheltered, and focused activations that have brought foot traffic and vibrancy to our core. We are stronger together and we can get through these challenges by continuing to work side by side for our city, our region and our state.”
“The report clearly illustrates the threats our economy faces, but also underscores the power of public, private partnership when we focus our collective attention to address specific areas of need,” said Roger Hinshaw, president, Bank of America Oregon and SW Washington. “I hope we can continue to act in the spirit of collaboration to tackle the current economic pressures.”
State of Economy Takeaways:
- -4,820: Net population loss in Multnomah County in 2023.
- -9,600: Jobs lost in the Information, Financial Services, Manufacturing and Professional Service sectors in 2024.
- $105,800: Average income of individuals moving to Clark County, versus $73,540 for those moving to Multnomah County in 2022.
- 80th: Portland ranked second to last in national real estate attractiveness rating.
State of Downtown & the Central City
This is the third year the Portland Metro Chamber has produced a State of Downtown & the Central City that digs deeper into the vital role Downtown Portland plays in our regional and state economies. This data comes after the release of the highly anticipated 2024 Downtown Portland Foot Traffic report.
In 2024, Downtown Portland continued its growth trend with a 3% year-over-year increase. After two years of strong post-pandemic growth the data showed an expected slower rate. The continued growth was primarily driven by a strong 8% increase in employee foot traffic and continued strength of signature events such as festivals, major concerts, and strong activation of public spaces.
Downtown foot traffic year-over-year highlights:
- 54% growth in foot traffic from the 2021 low.
- 30% increase in visitors to downtown’s Director Park.
- These strong growth numbers come after the first full year of a pilot program between Portland Parks & Recreation and Downtown Portland Clean & Safe Enhanced Service District. In the past year, Downtown Clean & Safe implemented an ambitious activation program that resulted in over 300 events at Director Park in 2024. After the success of the pilot, this program is set to expand to Darcelle XV Plaza when it opens in late 2025.
- 28% growth in foot traffic in the Old Town entertainment district, one of the most impacted neighborhoods by the pandemic.
- The 2025 State of Downtown & the Central City report shows that following the three consecutive years of growth, Portland’s Central City is at a pivotal moment. For example, while foot traffic in some Central City neighborhoods, including University/South Downtown and South Waterfront, have nearly returned to pre-pandemic foot traffic levels, downtown remains down about 40%. Areas with the strongest activities, according to the data, benefit from a mix of residents, employees, visitors, and pro-active activation programming.
Portland’s path forward is clear: vibrancy starts at home. Re-engaging residents, rethinking the role our Downtown plays, and embracing a new mix of foot traffic will be the catalysts that transform today’s challenges into tomorrow’s successes.
State of Downtown Takeaways:
- -25%: Portland office leasing rate is down compared to 2019 (600,000 square feet per quarter versus 790,000 square feet).
- 6th: Ranked last among peers for Central City visitor foot traffic.
- -21%: Portland’s Central City foot traffic compared to 2019.
- 80%: Share of visitors to Portland’s Central City that live within 20 miles.
“Portland’s central city has faced major challenges, but we have proven that when we work together and measure our impact, we will make real progress,” says Mark Wells, VP of Downtown Services & Executive Director of Downtown Portland Clean & Safe. “Our path forward should be informed by our clear successes. We must urgently focus on growing our major events, such as the June Post Malone/Jelly Roll concert at Providence Park, investing in the growth of our major festivals and expanding activation of our public spaces. In the long term, we must take actions that catalyze investment to develop a more diverse mix of foot traffic and uses. Downtown is the economic heartbeat of the entire State of Oregon, and we must continue to invest in its long-term success.”
View the full State of the Economy and State of Downtown & the Central City reports with interactive charts:
2025 State of Downtown & Central City
Additional referenced and previously released material:
- Portland Region’s Impact on State Fiscal Health
- Annual Regional Voter Sentiment
- 2024 Foot Traffic in Downtown Report
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About the Portland Metro Chamber: The Portland Metro Chamber was founded in 1870 and represents the largest, most diverse business network in the region. The Chamber brings together more than 2,300 members represented by dynamic and varied employers from around the Portland region, and offers a strong source of support, information, advocacy, engagement, and professional development opportunities. Grounded in its mission to create opportunity and advance well-being for all who live and work in the Greater Portland and SW Washington region, the Chamber envisions a healthy and resilient business ecosystem where we work together to increase collaboration in governance; engage community; increase civic leadership; and advocate for a vibrant, livable region for all.
Downtown Portland Clean & Safe District: The Downtown Portland Clean & Safe District was established in 1988 to support additional cleaning and security in a 213 block-area of Portland’s Central City. In addition to these important services, the district supports market research, retail recruitment and retention for Downtown Portland. The district is managed by the Portland Business Alliance under the direction of the district’s board of directors.
ECOnorthwest: “ECOnorthwest is an independent economic consulting firm. Since 1974, we have worked with a variety of public and private clients across the country, offering economic perspectives on issues ranging from wildfire recovery to education inequities and affordable housing. Our clients have one thing in common — they want insightful, rigorous analyses to strengthen policy and investment decisions.”