More than 1,200 real estate jobs have been created since Portland’s housing market rebounded last fall.
The job creation is good news for residents of the region’s booming real estate sector, but it’s also a reminder of the challenge Portland faces in finding more permanent housing.
The Portland Housing Bureau is expecting another surge of new construction for next year as builders begin to ramp up their construction and remodeling operations in anticipation of the new federal regulations.
While the housing boom has provided a boost to local real estate sales, the bureau is also struggling to fill jobs in a rapidly changing housing market.
In its latest quarterly report released in January, the Bureau of Labor Statistics noted that more than 1 million people have been laid off in the Portland region, which is home to a growing number of immigrants and refugees.
That is the biggest loss of workers since the end of the recession in 2008, according to the bureau.
The number of laid off workers in the region has nearly doubled since the recession, and the Bureau expects it will reach 3 million by the end.
Portland’s unemployment rate is currently 8.2 percent, but the unemployment rate for people who have been out of work for at least six months is 7.6 percent.
Despite the unemployment rates, Portland’s home prices have risen more than 30 percent since the housing bubble burst.
The average price of a detached home in the city is now $1.3 million, according the bureau, which has been projecting the average price increase in the next three years to reach $1 million.
The median price of single-family homes in the metropolitan area is now at $946,000.
The Bureau of Economic Analysis expects the national home prices to rise about 10 percent from their average of $200,000 in 2017 to $250,000 by 2020.
The boom in Portland’s affordable housing has also contributed to the region being a prime candidate for new investment in housing.
The bureau says that in the year that ended in January 2017, $14.6 billion worth of housing development projects were under construction in the state.
The city’s investment in affordable housing is also fueling the creation of 1,700 new housing units.
Despite its boom, Portland is still grappling with the fact that there are not enough affordable housing units available in the area.
The state of Oregon’s vacancy rate, which was 5.4 percent in December, was the highest in the nation in the last year.