Oregon’s economy is rebounding faster than expected, according to forecast

The Oregon State Capitol on Wednesday, Feb. 24. (Amanda Loman/Salem Reporter)

Oregon is poised to return to full employment by early 2023, according to the state’s quarterly economic forecast released on Wednesday. 

The state’s economic recovery from the pandemic is now on track to occur six to nine months earlier than previous forecasts had predicted. 

“The economy is emerging from a dark winter,” reads the forecast. “The resurgent virus of a few months ago is in full retreat.”

According to the forecast, total personal income is higher today than before the pandemic, despite Oregon losing 16,000 jobs. While the state faces challenges with its labor market, more than half the lost jobs will return by the end of the year and the rest the following year. 

The forecast credited federal aid for helping to bolster the state’s finances. Now, the state could be on pace to exceed revenue expectations by $170 million, triggering the “kicker” provision and resulting in a $571 million credit for taxpayers. 

-Jake Thomas