The latest Mid-Valley Economic Indicators report provides valuable insight into job growth, unemployment trends, and workforce demographics in our region. To help you understand what this means for your business, here’s a breakdown of key takeaways—with a historical perspective on how our local economy has evolved over time and an important way you can support workforce development.
1. Unemployment is on the Rise – But Still Lower Than Past Highs
Linn County: 5.7% (up from 4.6% in December)
Salem MSA: 5.1% (up from 4.2%)
Yamhill County: 4.1% (up from 3.9%)
Oregon Statewide: 4.4% (higher than the national rate of 4.0%)
Historical Context: While unemployment has increased slightly, it is still much lower than during past economic downturns, such as the Great Recession (2008-2010), when Oregon’s unemployment exceeded 11%.
What this means for business: More people looking for jobs can mean greater hiring opportunities, but businesses should stay aware of economic shifts that could impact long-term workforce stability.
2. Job Growth is Happening in Key Sectors – A Shift from Traditional Industries
Healthcare & Education: The biggest job gains came from hospitals, schools, and colleges—reflecting a long-term trend of growth in these essential services.
Manufacturing & Professional Services: These industries continue to expand, shifting McMinnville’s economy beyond its historically agriculture-focused roots.
Retail & Hospitality: Some job losses in leisure, hospitality, and retail industries, a sector that has seen repeated cycles of expansion and contraction over the decades.
What this means for business: If you’re in a growing sector, now is a great time to expand and attract talent. If you’re in a declining sector, consider business model adjustments, workforce retention strategies, and innovation to stay competitive.
3. Investing in Workforce Development
The Chamber continues to advocate for policies that support workforce development, from investments in Career & Technical Education (CTE) programs to stronger partnerships between businesses, schools, and colleges.
One of the most impactful ways we can support CTE and workforce development in the coming months is by supporting the Chemeketa Bond on the May ballot.
This bond is not a new tax—it is a continuation of our community’s commitment to high-quality education and training. Chemeketa plays a vital role in preparing students for skilled, living-wage careers in industries like healthcare, manufacturing, and technology, which directly benefits our local economy and business community.
➡️ Want to learn more? You can read the full report at https://lnkd.in/gbqZfQNp.
By understanding both the current data and historical trends, we can make better-informed decisions about how to support businesses, develop a skilled workforce, and ensure a strong future for McMinnville.
