Economy & Business

Realtor: Like other western states, Oregon months away from recouping job levels as pandemic economy eases

KLCC | By Brian Bull

Published April 4, 2022 at 7:11 AM PDT

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An economist says Oregon’s employment has not quite rebounded to pre-pandemic levels, yet.

Lawrence Yun is Chief Economist for the National Association of Realtors, and gave the keynote address at the
hosted by the Eugene Area Chamber of Commerce in March. Yun showed a map with Oregon among several western states still contending with jobs recovery.

Lawrence Yun presenting at 5th annual economic summit March 17, 2022. — NAR economist Lawrence Yun presents a slide showing the job recovery rates for the U.S., with Oregon joining other west coast states in being moderately behind pre-pandemic levels.

"Compared to March 2020, again when we had the lockdown two years ago, versus the latest available information, it’s implying that Oregon job numbers are down 1.7%. Nearby Washington, California, similar story.”

Yun said for Eugene, it’d take five to eight months for job recovery to reach pre-COVID levels. He added that while employment can certainly affect the real estate market, housing did surprisingly well during the pandemic.