Land-use and building permits show dramatic drop-off
Although Portland escaped the worst of the credit crisis for much of the past few years, the bad economy is catching up to the city with a vengeance.
One barometer: Applications for new commercial and residential projects in the city have dropped dramatically in the past few months, potentially signaling a long construction slump.
Commissioner Randy Leonard believes the construction slowdown will ripple through the region’s economy and increase unemployment.
“It’s like when you pull a loose thread on a sweater and it just unravels,” said Leonard, who oversees the city’s Bureau of Development Services, which issues the permits. [Read full article]