Population growth drives economy and Bend's Real Estate Market
Central Oregon’s economy has grown at three times the national growth rate since 2001. Figures released in September 2007 by the federal Bureau of Economic Analysis show the gross domestic product in the Bend metropolitan statistical area—all of Deschutes County—grew 33.2% between 2001 and 2005, adjusted for inflation. This expansion was fueled by 17.6% population growth during the same period. The federal report calculated GDP for the Bend MSA at $5.67 billion in 2005.The Central Oregon growth rate beat the national rate in all sectors. The largest growth percentages for the period were recorded by finance and insurance, 59.6%; information, 59.4%; and manufacturing, 51.5%. Real estate accounted for 28.8% of the GDP total in 2995, followed by manufacturing and government, each 8.8%; health care, 8.4%; retail trade, 7.8%; professional and business services, 7.7%; and construction, 7.3%.
Other indicators also point to the robust nature of Central Oregon’s economy. The Milken Institute’s annual Best Performing Cities report, which measures the relative strength of job growth and entrepreneurial business creation, ranked the Bend metro area No. 1 among 179 small cities (pop. 235,000 and under). Unemployment rates historically are lower, and job creation statistics higher, than the statewide average.
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