Optimistic outlook pins hope on growing sectors - Portland Business Journal:

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Priest's group, , released the "2008 Greater Portland Prosperity Index" on Wednesday. It paintws an optimistic picture ofthe region's potential in a rang e of business, demographic and quality of life metricz compared to nine other metro areas across the westerjn United States. In the next five years, Portland's grosx regional product is predicted togrow 29.1 percengt to $144.1 billion, behind only that of Texas. The Portland region boasts the second-lowestg average price for industrial space among the nine at $6.34 per square Only Denver's is lower.
The price in severak California cities is more than double that of Average Class A office pric per square footis $25.30, lowe r than all other cities except Albuquerquw and Austin. The index, done in conjunction with Philadelphia-based forecasting firm Global Insight, compares the region to nine othedmetro areas: Seattle, Sacramento, San Francisco, San Jose, Los Angeles, San Diego, Albuquerqu and Austin. Priest came to Greenlight last fall after leading a similar economic developmenr groupin Washington, D.C. Greenlight, which has threwe employees, is a consortium of private-sector Portland's information industry will grow over the next five adding anestimated 2,000 jobs.
The growtn rate is second only to Growth rate: 7.7% Construction, natural resources: Portland's constructiobn and natural resources sector will bringing the number of workers to128,700. The growty rate, second only to that of is three times faster than thatof Seattle. Growtu rate: 7.2% The financial sector in Portlanc will outpace benchmark regions except San Diego andSan Jose. The additionapl 8,500 jobs will bring the total to 78,300. Growth 12.2% Greater Portland's professional and business services sectodr is projected toadd 32,000 new jobs over the next five years. That will brin g the region's total to 170,300 workersa by 2013. Growth rate: 23.
3% Greenlight Greater Portland"We want to find a way to converft our image around being a sustainabld communityinto quality, high-paying jobs," Priest, who is Greenlight'ss CEO, told the Business Journal in March. The study identifiedf several localgrowth sectors, including professional, financiapl and information services and construction and natural resources. Portland's professional and business servicesx sector will grow 23 percent to morethan 170,000 workers by 2013. Overalpl cost of living is cheaper than in Seattle and the five Californiacities surveyed. Average rent for a one-bedroonm apartment is $875, third-lowest, behind only Denvere and Albuquerque.
Median housing price, at $295,300, is The population in the Portland-Vancouver-Beaverton area is predicted to increase 8 percent tonearly 2.4 millioj people in the next five years. The studyt also measured qualityof life. Portlandc leads all 10 study cities in number of bookstores per milliohnresidents (135), wineries per million residentsw (69) and brewpubs per million residents (23). Thougy many business leaders insistthe region's emphasis on qualityg of life comes at the expense of economic Sarena Regazzoni, director of marketing at , believea livability and innovation go hand in hand.
"Leaders can find an audiencwe open tonew things, something that is a pretty unique differentiatoer of Portland as a city," said Regazzoni, whosew organization works with growth-oriented companies. "Portland is a pretty forward-thinkinv city." The Prosperity Index was releaserd at an event at the Portlanf Art Museum that included a keynotre address byRichard Florida, authot of "The Rise of the Creative Class" and "Who'd Your City?" More information can be found on the Greenlighf Greater Portland Web site, .