The Office of Economic Analysis released its sales forecast and macroeconomic outlook for December on November 15, 2023 and presented it to Oregon lawmakers. (KOIN)
PORTLAND, Ore. (KOIN) — On Wednesday morning, the Office of Economic Analysis released its December sales forecast and macroeconomic outlook and presented it to Oregon lawmakers. The forecast suggested inflation is declining and Oregon’s economy is stable enough to provide more investment opportunities for the 2024 legislative session.
Lawmakers responded to this finding and made statements about what it means for Oregon’s future.
Gov. Tina Kotek noted that this outlook could help solve important issues facing Oregonians.
“Oregon’s economy continues to stabilize, and that’s good news for working families and businesses across our state,” Kotek said. “To move our economy in the right direction, we must address the core issues facing Oregonians. Housing production, the addiction crisis and access to child care top the list. I look forward to working with lawmakers in the upcoming 2024 session to make progress for Oregonians on these issues and more.”
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Oregon Senate President Rob Wagner (D-Lake Oswego) echoed that sentiment while emphasizing the importance of affordability to quality of life.
“Today’s forecast shows that Oregon’s economy is stable and it is clear that the state will continue to be able to make the investments made during the 2023 session,” noted Senator Wagner. “As inflation eases, we want to continue lowering costs for Oregonians, making life more affordable and expanding the middle class. In the 2024 session, the Senate will focus additional investments on the state’s top priorities, including housing, homelessness and building more treatment capacity to address the drug crisis. We also need to be good stewards of taxpayer dollars and recognize that we still have a long way to go before the next state budget.”
Oregon House Speaker Dan Rayfield (D-Corvallis) emphasized that while the numbers are “promising,” the state must “remain measured [their] commitments, as the long-term forecast assumes population and migration rates will stabilize. Oregonians rely on us to be wise with our investments and ensure we achieve the results they desire.”
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Oregon Senate Majority Leader Kate Lieber (D-Beaverton and Southwest Portland) agreed, saying in part: “Now we need to make sure this data matches reality for Oregonians in every part of the state.” In 2024, we will focus on the issues that seriously impact the quality of life in Oregon, like building more housing that Oregonians can actually afford, addressing the drug crisis to keep people safe and live save, and make work and life easier Build a business here. We know there may be uncertainty ahead, so I’m counting on all of my colleagues to show up and do their jobs in 2024 so we can improve the lives of Oregonians now and keep our economy strong well into the future.”
Across the aisle, House Republican Leader Jeff Helfrich (R-Hood River) expressed concern, citing concerns about Oregon’s future economic prospects.
“Oregon’s population is stagnating as people flee the drugs and crime for which Oregon is becoming increasingly known – and choose not to move nearby,” said Rep. Helfrich. “This will have a long-term impact on revenue, which will further strain the resources needed to meet critical needs. Pretending everything is fine is not the solution, and we need bipartisan agreement to reverse this worrying trend. During the upcoming short session, the House Republican Caucus will support legislation to make our state a safer and more affordable place to live and do business.”
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Oregon’s next legislative session is scheduled for February 2024.
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