Economic indicators out of the University of Oregon show the state is experiencing a sustained expansion, at an average to somewhat above average rate.
The UO’s Index of Economic Indicators rose .8 percent in May. That measure has now been flat or rising for the last eight months.
The May numbers show residential building permits continue to increase and now stand at their highest level since 2007. Core manufacturing, trucking activity and consumer sentiment all improved.
“Initial unemployment claims are relatively low and in a level consistent with above average growth — housing activity where we see residential building permits at levels that are not terribly below what we think of as more normal levels. We also see manufacturing activity relatively solid,” according to Tim Duy, Oregon Economic Forum director.
On the negative side, mortgage rates appear to be rising. That might dampen the housing recovery. There’s also some slowing in global trade.