#381 - Plunge in Portland Building Permits Signals Major Slowdown in Housing & Development

The number of new building permits filed in Portland last year plunged by 27%, falling even below the trough of the Great Recession.

A slowdown was already underway before the coronavirus pandemic hit, following a boom in new hotel and office construction in downtown Portland and new regulations on apartment builders. Then COVID-19 hit and protests rocked the downtown core, accelerating the falloff.

“There’s three or four different things that all kind of happened in quick succession as the market was winding down,” said Michael Wilkerson, senior economist with the Portland consulting firm ECONorthwest.

Portland’s Bureau of Development Services has notified 13 employees they will lose their jobs March 1 because of declining permitting revenue. The bureau says it’s holding off on further cuts until spring while it evaluates the market outlook.

Join your host Sean Reynolds, owner of Summit Properties NW and Reynolds & Kline Appraisal as he takes a look at this developing topic.

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