Pair of economists see reasons for C.O. optimism
A look at the trends behind those monthly statistical snapshots is what’s promised at the Bend Chamber’s early Economic Forecast Breakfast, and Thursday morning’s gathering was no exception. Nor was the message: optimism about the coming year, tempered by issues that need addressing.
Tim Duy, a University of Oregon professor and director of the Oregon Economic Forum, was joined this year by Mark Kralj principal of Ferguson Wellman Capital Management, in the talk at The Riverhouse Convention Center. This year’s”Vision ’15” topic: “Global Effects on the Local Economy.”
One of the speakers’ main points: The “Millennials” are hitting their 20s, helping fuel the rising demand for housing, primarily single-family housing, and that market appears sustainable. Median home prices already are up 30 percent from their 2009 low, they said.
As for job recovery from the recent, rough recession, the two men noted that Portland’s job market rebounded faster than Bend, but Bend is quickly closing the “recovery gap.”
As for trends, leisure activities are more popular at a lower price point for Central Oregon consumers. The analysts said Millennials are on the rise in the workforce, gradually making a higher age, while the “Baby Boomer” generation is aging out, causing a slight drop in consumer spending overall.
The four-year plans for OSU-Cascades also were discussed, and they said the school’s growing student population will boost area revenues with spending on transportation and other needs.
” I think that the underlying growth trends are positive,” Duy said. “I think that maintaining an inflow of workforce is going to be important, and maintaining an inflow of younger workers will be important.
“And so having the college, having the job opportunities, available, I think will build on the quality of life people are willing to come for.”
Both economists said the main concern is keeping living costs stable and not having another unsustainable boom in housing prices — the hot topic, coincidentally, of an Affordable Housing Forum being held by the Bend 2030 organization from 6-8:30 p.m. Thursday at the Bend Senior Center.
