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Portland: Poised for Possibility

by KatieS

Dec 1, 2017
December 2017

PORTLAND, ORE., MAY BE FAMOUS for its quirky residents, thanks in large part to the popularization of the sketch comedy television show Portlandia. But visit Portland today and you’ll see there’s far more to the Rose City than mustachioed men wearing plaid and selling all things “craft” and “local.” Sure, the characters that give Portland its personality are still here — but the city is growing into its own as a vibrant regional hub for business and economic opportunity.

Portland’s seemingly ever-present construction cranes and in-progress buildings, especially in and around the downtown area, provide clues to the area’s growth. The spurt has lasted nearly a decade as population numbers skyrocketed, with home prices following. For the first 10 months of its current fiscal year, the City of Portland issued 12,000 building permits that account for a record $2.5 billion in construction projects. That’s about $6 million more than the year before.

The city can attribute much of the growth to a tech boom. So many companies in this sector moved to or started up in Portland that the famously green city earned the nickname “Silicon Forest.” Companies like Tektronix, Intel and Mentor Graphics are among the biggest names, and software and IT continue to be among the fastest-growing sectors in Oregon.

But signs this year show this growth leveling out, down from 3 percent to closer to 1 percent within the past year, closer to the national average, according to a report released in May from Portland State University.

And though population growth leveled in 2017, estimates from the U.S. Census Bureau released in March show Portland to be the 14th fastest-growing metro area in the country. The state of Oregon is also enjoying a record low unemployment rate spurred by job growth that is expected to keep the region attractive for business.

The Knock Back

The Knock Back © TRAVELPORTLAND

Portland International Airport, which often graces “best of ” lists, is getting ready to undergo a five-year, $1.3 billion facelift of its core terminal, the first major reworking since its construction in 1956. The upgrades will help PDX expand its capacity to handle incredible growth of passenger volume, which has seen record-setting increases the past six years.

Hotels are taking note of this growth, too. Marriott debuted two new properties downtown this year, and Hilton aims to open its luxury Porter Hotel, also downtown, in March 2018. Hilton is opening a hotel in the city’s Pearl District under its Canopy lifestyle brand in March 2018, making Portland one of only 11 cities around the world to receive a property in this portfolio. Radisson RED plans to open its Broadway Tower property in January 2018, bringing its futuristic hotel concept — operating without a front desk and relying on an app to facilitate the guest experience — to Portland.

Plenty more lodging is on the way, with the city anticipating more than 1,700 rooms to come on line by the end of 2017 and some 1,600 rooms adding to the options in 2018.

Earlier this year Portland officials celebrated the groundbreaking of the highly anticipated Hyatt Regency Portland at the Oregon Convention Center. The $224 million LEED-certified, 600-room project is scheduled to open in late 2019. A coup for Portland, the hotel is expected to help the city attract large events and conventions, potentially bringing in thousands of additional visitors each year, to the tune of around $1 billion additional convention-related spending annually.

The area around the convention center, known as the Lloyd District, is putting the finishing touches on a revitalization that should help further sell convention-related visitors on the area. More public spaces, sidewalks, storefronts and dining options contribute to the effort. Lloyd Center, the state’s largest shopping mall, is nearing completion of its two-year remodel to add eight to 10 full-service restaurants in addition to a mix of retail.

One of Portland’s marquee attractions, the Portland Japanese Garden, completed a massive expansion project in April. The world-class garden added new educational opportunities, Japanese architecture and more acreage to better accommodate a growing number of visitors. The expansion, which carried a $33.5 million price tag, added 3.4 acres to its existing 9.1 acres.

Portland often draws attention for its restaurant and beer scene, and that sector continues to raise the bar. In 2016, 12 new breweries bubbled up within city limits, making the city an even more attractive destination for craft beer lovers. In fact, breweries, distilleries, wineries and cideries are popping up at such a fast clip the alcohol industry added more jobs in Oregon between January 2008 and September 2016 than did the software industry.

All told, Portland is poised to remain an attractive place to do business — and a great place to get a beer after a long day at the office.

SCENIC DRIVES

Portland’s location provides easy access to the Cascade Mountains and wild stretches of Pacific coastline. Oregon law forbids any inch of coastline from being privatized, so all 363 miles of the Pacific shore are open to the public. The Pacific Coast Scenic Byway lets you access it all. Locals love to head to Cannon Beach with its art galleries, boutiques and 235-foot Haystack Rock set amid crashing ocean waves. Heading south, the town of Garibaldi is a hub for fishing and kayaking, while the village of Depoe Bay is famous for whalewatching excursions. Don’t miss a stop at the Tillamook Cheese Factory, offering free samples galore.

Heading east from Portland, pick up the Mount Hood Scenic Byway and be treated to some of the Pacific Northwest’s most regal forests — and the crown jewel, the glaciercovered volcano of Mount Hood, Oregon’s highest peak. The route skirts the mountain’s southern flanks, where hikes abound, and threads through the Hood River Valley, famous for its abundance of wineries, breweries and fruit orchards. At the northern end of the valley, Hood River will delight with great restaurants and even more breweries, plus a chance to spot windsurfers on the Columbia River.

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