Economy of Oregon
Encyclopedia
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 resource
s to one based on a mix of manufacturing, services, and high technology.
In the 1980s, hard times hit Oregon's main resource sectors: timber, fishing, and agriculture. Gains were made in 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.
The Gross Domestic Product (GDP) of Oregon in 2008 was $161.6 billion, it is United States's 26th wealthiest state by GDP. The state's per capita personal income in 2008 was $38,801.
Land in the Willamette Valley owes its fertility to the Missoula Floods
, which deposited lake sediment from Glacial Lake Missoula
in western Montana onto the valley floor.
As of March 2010, the state's unemployment rate is 10.6%. Oregon ranks 14th in the nation for unemployment with construction and manufacturing being hit hardest.
The fur trade was Oregon's first major industry. Beginning in the 1840s, settlers began displacing Native Americans and setting up farms. Though growth was slow for the coastal region there was rapid growth in the Willamette Valley
and Portland
in particular. With the discovery of gold in 1861-62 in Baker county
and Grant County
in Eastern Oregon had begun establishing itself as a major shipping hub with a focus on wheat. With the railroads arrival to Oregon Portland has sealed its position as the economic center of the state. In the following decades, loggers and salmon fishers joined the miners.
With the coming of the first world war the states shipyard industry and timber trades continued to expand rapidly again especially in Portland. in the 1930 the Works Projects Administration and the Civilian Conservation Corps introduced through the new deal would construct many projects throughout the state including Timberline Lodge on Mt. Hood, and many hydroelectric dams along Oregon's rivers. The Bonneville Dam
, built from 1933-1937 provided low cost electricity that helped fuel development of industries such as aluminum plants, like Wah Chang Corporation
located in Albany
. The power, food, and lumber provided by Oregon helped fuel the development of the West, although the periodic fluctuations in the nation's building industry have hurt the state's economy on multiple occasions. That coupled with needs of World War II food production, shipbuilding and the lumber were also greatly enhanced throughout the state.
The largest countries receiving exports from Oregon in 2009 were:
The state's top exports in 2009 by category were:
Oregon
Oregon is a state in the Pacific Northwest region of the United States. It is located on the Pacific coast, with Washington to the north, California to the south, Nevada on the southeast and Idaho to the east. The Columbia and Snake rivers delineate much of Oregon's northern and eastern...
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 resource
Natural resource
Natural resources occur naturally within environments that exist relatively undisturbed by mankind, in a natural form. A natural resource is often characterized by amounts of biodiversity and geodiversity existent in various ecosystems....
s to one based on a mix of manufacturing, services, and high technology.
In the 1980s, hard times hit Oregon's main resource sectors: timber, fishing, and agriculture. Gains were made in Oregon's high tech sector, based in the three counties surrounding Portland, Oregon
Portland, Oregon
Portland is a city located in the Pacific Northwest, near the confluence of the Willamette and Columbia rivers in the U.S. state of Oregon. As of the 2010 Census, it had a population of 583,776, making it the 29th most populous city in the United States...
, 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.
The Gross Domestic Product (GDP) of Oregon in 2008 was $161.6 billion, it is United States's 26th wealthiest state by GDP. The state's per capita personal income in 2008 was $38,801.
Land in the Willamette Valley owes its fertility to the Missoula Floods
Missoula Floods
The Missoula Floods refer to the cataclysmic floods that swept periodically across eastern Washington and down the Columbia River Gorge at the end of the last ice age. The glacial flood events have been researched since the 1920s...
, which deposited lake sediment from Glacial Lake Missoula
Glacial Lake Missoula
Glacial Lake Missoula was a prehistoric proglacial lake in western Montana that existed periodically at the end of the last ice age between 15,000 and 13,000 years ago...
in western Montana onto the valley floor.
As of March 2010, the state's unemployment rate is 10.6%. Oregon ranks 14th in the nation for unemployment with construction and manufacturing being hit hardest.
History
Willamette Valley
The Willamette Valley is the most populated region in the state of Oregon of the United States. Located in the state's northwest, the region is surrounded by tall mountain ranges to the east, west and south and the valley's floor is broad, flat and fertile because of Ice Age conditions...
and Portland
Portland, Oregon
Portland is a city located in the Pacific Northwest, near the confluence of the Willamette and Columbia rivers in the U.S. state of Oregon. As of the 2010 Census, it had a population of 583,776, making it the 29th most populous city in the United States...
in particular. With the discovery of gold in 1861-62 in Baker county
Baker County, Oregon
Baker County is a county located in the U.S. state of Oregon. It is included in the 8 county definition of Eastern Oregon. It is named for Edward Dickinson Baker, a senator from Oregon who was killed at Ball's Bluff, a battle of the Civil War in Virginia in 1861. It was split from the eastern part...
and Grant County
Grant County, Oregon
Grant County is a county located in the U.S. state of Oregon. It is included in the 8 county definition of Eastern Oregon. In 2010, its population was 7,445. It is named for President Ulysses S. Grant, who served as an army officer in the Oregon Territory, and at the time of the county's creation...
in Eastern Oregon had begun establishing itself as a major shipping hub with a focus on wheat. With the railroads arrival to Oregon Portland has sealed its position as the economic center of the state. In the following decades, loggers and salmon fishers joined the miners.
With the coming of the first world war the states shipyard industry and timber trades continued to expand rapidly again especially in Portland. in the 1930 the Works Projects Administration and the Civilian Conservation Corps introduced through the new deal would construct many projects throughout the state including Timberline Lodge on Mt. Hood, and many hydroelectric dams along Oregon's rivers. The Bonneville Dam
Bonneville Dam
Bonneville Lock and Dam consists of several run-of-the-river dam structures that together complete a span of the Columbia River between the U.S. states of Oregon and Washington at River Mile 146.1. The dam is located east of Portland, Oregon, in the Columbia River Gorge. The primary functions of...
, built from 1933-1937 provided low cost electricity that helped fuel development of industries such as aluminum plants, like Wah Chang Corporation
Wah Chang Corporation
Wah Chang Corporation is a manufacturing company based in Albany in the U.S. state of Oregon. In 1916, mining engineer Dr. K. C. Li founded the company, an international tungsten ore and concentrate trading company, in New York state from his native China. In early 1956, the Atomic Energy...
located in Albany
Albany, Oregon
Albany is the eleventh largest city in the U.S. state of Oregon, and is the county seat of Linn County. It is located in the Willamette Valley at the confluence of the Calapooia River and the Willamette River in both Linn and Benton counties, just east of Corvallis and south of Salem. It is...
. The power, food, and lumber provided by Oregon helped fuel the development of the West, although the periodic fluctuations in the nation's building industry have hurt the state's economy on multiple occasions. That coupled with needs of World War II food production, shipbuilding and the lumber were also greatly enhanced throughout the state.
Exports
20% of the manufacturing jobs in Oregon rely on exports and the state's exports totaled $19.4 billion in 2009 with over 40% of the total going to countries in Asia.The largest countries receiving exports from Oregon in 2009 were:
- Canada ($2.8 billion)
- China ($2.5 billion)
- Japan ($2 billion)
- Malaysia ($2 billion)
- South Korea ($1.3 billion)
The state's top exports in 2009 by category were:
- computer and electronic products ($6.8 billion)
- machinery manufactures ($1.1 billion)
- chemical manufactures ($1 billion)
- transportation equipment ($743 million)
See also
- The economy section of the Oregon article
- History of OregonHistory of OregonThe history of Oregon, a U.S. state, may be considered in five eras: geologic history, inhabitation by native peoples, early exploration by Europeans , settlement by pioneers, and modern development....