Why are Folks Flocking to Portland, Oregon & Who are They?

Portland is booming with an influx of construction to accommodate the record number of individuals moving to the Pacific Northwest. Historically, the City of Roses has always had an attractive real estate market thanks to its reputation for being trendy, sustainable, accepting and vibrant. As construction projects reach all-time highs, Oregon demolition contractors are busy preparing lots for new inhabitants.

Why People Love Portland

Dark rainy winters aren’t enough to keep people out of Portland. Nestled between the Columbia and Willamette Rivers, Portland’s residents are close to a variety of destinations, including mountains, green spaces, beaches and some of the world’s greatest vineyards.

Portland’s residents are friendly and accepting. The dress code is relaxed and everyone seems to have an outdoor hobby. It’s also simple to find a venue that will accommodate the most eclectic lifestyles, from the über green to those who live up to the “keep Portland weird” motto.

Portland’s food scene is nothing less than extraordinary with amazing menu items made of quality, locally sourced ingredients. The city also has more breweries within its boundaries than any other city in the U.S.

Who is Moving to Portland?

Portland has an estimated population of more than 630,000, making it the 26^th largest city in the United States. Since 1968, the population has increased by 148 percent. Between 2016 and 2017, growth topped out at an astonishing 9.2 percent. Officials predict that Portland’s population will grow by 42 percent over the next 20 years, causing a shortage of housing and continue to drive the demand for real estate. Oregon demolition companies will be hard at work as they remove old buildings to make room for taller structures, more apartments and a rumored new streetcar line.

About 50 percent of Portland’s new residents are from the United States. Natural growth accounts for about 35 percent of the city’s increase in population, while those from other countries represent around 15 percent of Portland’s residents.

Millennials

The laidback hipster lifestyle is appealing to young adults, as is the availability of jobs with competitive salaries. These individual aren’t just renting, though. Many are buying homes, an indication that they’re planning to stay long-term. Many facets of the area attract millennials, including its creative marketing and technology industries. The young adults are smart, too. Between 2000 and 2012, the number of millennials with undergraduate degrees rose by 35,000 individuals. Because of the number of young adults flocking to Portland to work, many industries are expanding to keep up with the pace.

Portland’s abundance of easy-to-access attractions also makes the city a prime choice. The foodie scene is hot. Nature is just around the corner. There is no lack of culture and entertainment. The city’s transportation infrastructure and pedestrian-friendly streets—including the newer pedestrian- and bicyclist-only bridge, Tilikum Crossing—make it simple to get around without a car. Today’s professionals want to live closer to where they work, hence the appeal of living in a central location.

Californian Transplants

Many of Portland’s new residents are transplants from California. In fact, in 2014, more people moved from California than from any other state. Approximately 76.9 percent of Bay Area home buyers are looking for a place to settle in Portland. Driving the crowds is the more affordable cost of living. While Portland’s housing prices might seem higher compared to rates throughout the metro area, they’re considerably more affordable than many areas in California. Californians also enjoy the lack of sales tax and the area’s moderate climate, active lifestyle and numerous nearby activities.

The Construction Boom is Great for Oregon Demolition Services

As of May 2017, Portland had 45 new construction projects and 56 more on the books, according to Downtown Clean & Safe. In 2016, there were only 39 projects. The investment in growth across “Central City,” the city’s construction hub, makes it clear that Portland is an attractive place to do business and live. Since 2010, contractors built more than 5,000 residential units. At the time of publication, there are 18 active projects with 3,000 units. Another 14 projects with 2,400 residential units are in the design phases.

In addition to residential and commercial construction, hotel development has been strong since 2016. Within the last year, Portland welcomed three new hotels. Seven more accommodations are under construction in Central City, adding about 1,250 rooms in the next couple years. The hospitality industry also has eight more hotels in the design stages, which will add 2,100 rooms. The 40 percent growth in hotel construction is unprecedented for the area, and businesses are ensuring visitors have a wonderful time.

One of the largest projects in Portland will be the redevelopment of the United States Post Office’s 13-acre property in the northeast part of town. Oregon demolition contractors will help prepare it for the 3.8 million square feet of mixed-use development.

Retail development is also seeing positive growth as national and independent retailers are setting up shop. Within the last five years, upscale housing, employment trends and tourism have experienced positive growth. Incidentally, Portland’s major shopping centers, Pioneer Place and Lloyd Center, are undergoing major renovations. Many of the commercial properties in Central City also include retail spaces on the ground floor. The new developments will add to Portland’s more than 1,080 coffee shops, 500 food carts and 132 breweries.

Portland is a big city with a small town feel that celebrates the uniqueness of each individual. As it continues to grow at a record pace, Elder Demolition is helping the city prepare for more residents by collaborating on construction, renovation and remodeling projects. If you have plans to be part of the expansion, contact Elder Demolition to discuss your demolition or asset recovery needs.