Portland Oregon has long had a reputation of a small sophisticated city with a focus on sustainability and regionalism. Both of which have proved to be fruitful in forming an identity on the national scene. These characteristics have helped to make it not only a pioneer in responsible, innovative government, it has also proven to help shape the city into an economic powerhouse. The city's renewed focus on economic development and harnessing its specific advantages has resulted in job growth and a secure spot in a national and global niche of culture, responsible living, innovation, and exports.
Strength in Exports!
According to the 2011 National Export Strategy, the federal government pointed to the importance of the nations metro areas because they "produce 84% of the nations exports and are home to unique concentrations of capital, investment and innovation". The Portland Metro area is a strong trading region, nearly one-fifth of its economy is generated by exports, supporting 142,270 jobs. With the national market being largely stagnant due to Asian imports and a weak economy, foreign markets represent a prime opportunity, not only because of their availability, but also because for every $1 billion in export increase, 5,400 jobs are created at home. In President Obama's 2010 State of the Union Address he started the National Export Initiative (NEI), this initiative set goals to double the nations exports by 2014, wishing to switch our nations economy from consumption based, to production based. Portland has been a strong supporter of the NEI, lowering its unemployment rate from 11.2 percent in 2009 to 8.5 percent in 2011 by focusing on production and exports as a means for job growth. Between 2003 and 2010 Portland increased its exports by 109%, making it the second fastest growing metro region in the US in terms of exports. The region was the 12 largest metro economy in term of export volume, while being the 23rd largest metro area by population. These exports accounted for 18% of its economy.
According to the 2011 National Export Strategy, the federal government pointed to the importance of the nations metro areas because they "produce 84% of the nations exports and are home to unique concentrations of capital, investment and innovation". The Portland Metro area is a strong trading region, nearly one-fifth of its economy is generated by exports, supporting 142,270 jobs. With the national market being largely stagnant due to Asian imports and a weak economy, foreign markets represent a prime opportunity, not only because of their availability, but also because for every $1 billion in export increase, 5,400 jobs are created at home. In President Obama's 2010 State of the Union Address he started the National Export Initiative (NEI), this initiative set goals to double the nations exports by 2014, wishing to switch our nations economy from consumption based, to production based. Portland has been a strong supporter of the NEI, lowering its unemployment rate from 11.2 percent in 2009 to 8.5 percent in 2011 by focusing on production and exports as a means for job growth. Between 2003 and 2010 Portland increased its exports by 109%, making it the second fastest growing metro region in the US in terms of exports. The region was the 12 largest metro economy in term of export volume, while being the 23rd largest metro area by population. These exports accounted for 18% of its economy.
Export Breakdown
Portland's export economy is largely held by the regions top 10 export industries. These industries accounted for 92% of the export growth the region experienced between 2003 and 2010, and 90% of the regions export economy. In 2010 more than half (56.2%) of the regions exports are produced by the computer and electronic products sector. Royalties make up the next largest export sector (26%), followed by Business Professional and Technical Services (9%), Metal Manufacturing (9%), Machinery Manufacturing (8%), Tourism (8%).
Portland's export economy is largely held by the regions top 10 export industries. These industries accounted for 92% of the export growth the region experienced between 2003 and 2010, and 90% of the regions export economy. In 2010 more than half (56.2%) of the regions exports are produced by the computer and electronic products sector. Royalties make up the next largest export sector (26%), followed by Business Professional and Technical Services (9%), Metal Manufacturing (9%), Machinery Manufacturing (8%), Tourism (8%).
Potential
Although Portland's exports seem to be dominated by the technological production industry, the region has potential for much more growth in its export economy. Controlled for the technological export industry, the remaining industries would comprise 73% of the regions exports and 80% of its growth between 2003 and 2010. The largest 10 companies are all large, corporate companies that already have global connections and relationships. Many of these smaller companies have limited awareness of opportunities in the global market. They have limited knowledge on the processes that are required to export internationally. This fear of the unknown holds many companies back from pursuing international markets. Portland does have an export services system that helps small and medium sized companies through the process of going global, but this service has not been fully advertised to the companies that could use it most. Portland is gearing to focus its support to bolster the industries that do not have these connections.
Although Portland's exports seem to be dominated by the technological production industry, the region has potential for much more growth in its export economy. Controlled for the technological export industry, the remaining industries would comprise 73% of the regions exports and 80% of its growth between 2003 and 2010. The largest 10 companies are all large, corporate companies that already have global connections and relationships. Many of these smaller companies have limited awareness of opportunities in the global market. They have limited knowledge on the processes that are required to export internationally. This fear of the unknown holds many companies back from pursuing international markets. Portland does have an export services system that helps small and medium sized companies through the process of going global, but this service has not been fully advertised to the companies that could use it most. Portland is gearing to focus its support to bolster the industries that do not have these connections.