Is Oregon's Population Growth Rebounding? A New Study Suggests So
The Beaver State is experiencing a surge in inbound movers, according to a recent survey by interstate hauler United Van Lines. With 64.5% of those who moved coming into Oregon and 35.5% moving out, the state has topped the list for inbound movers, a significant jump from its 8th place ranking a year ago. This data suggests that Oregon's population slowdown may be coming to an end.
The survey, which analyzed over 100,000 shipments, highlights a notable influx of in-migrants from California, Washington, and Colorado. This trend is further supported by the increasing number of people exchanging out-of-state driver licenses for Oregon licenses, indicating a potential influx of residents.
Population growth is crucial for Oregon's economic health, as it relies on working-age in-migrants to drive consumer spending, tax revenue, and labor force participation. However, the state's population has been volatile since the pandemic, with the influx of young professionals during the 2010s slowing down.
Despite some discrepancies in population forecasts, recent estimates indicate that Oregon has added residents in the past two years. The 2030 Census will also determine whether Oregon retains its sixth congressional seat, as stagnant population growth could be lost to states with faster growth.
As Jonathan Bach, who covers housing and commercial real estate, notes, understanding the impact of rent and mortgage costs on residents' financial well-being is essential for telling the full story behind Portland's office market.
