Marketplace: Recovery will require patience

Julia Anderson

Unemployment statistics are what they call an economic "lagging indicator." In other words, people can still be losing jobs even though segments of the economy might be showing improvement. Such is the case in Southwest Washington.

The Washington Employment Security Department reported that the Portland-Vancouver metro area, including Cowlitz County, turned in its 15th straight month of employment decline in March. So far, 50,900 jobs or 4.7 percent of the employed work force has been eliminated. National employment has fallen 3.8 percent.

It looks bad and is bad.

However, there are signs of recovery. For instance, Clark County reported a jump in new residents in May, highest monthly total in four years.

Regional Greenlight Greater Portland shows the metro area continuing to be a magnet for newcomers. An estimated nearly 40,000 people will move here this year.

Among the reasons — lower housing costs. Home prices average $271,662 in Portland-Vancouver, among the lowest on the West Coast. Prices are far below Seattle's $326,557 and San Francisco's $433,395, the Greenlight report said. Once the economy turns, Greenlight projects 98,000 new jobs in the region by 2014.

Portland economist Bill Conerly sees consumer confidence "slowly mending" with spending leveling off rather than in decline. Washington state — home to Boeing and Microsoft — may even see net job growth later this year. Oregon will continue to struggle, Conerly said. The stock market, which tends to be a "leading indictor" is already anticipating an economic turnaround. Our "little rally," as Conerly calls it, suggests that the worst may be over even though more jobs could be lost and foreclosures remain high.

Earlier this month, we reported that Vancouver's Beaches Restaurant & Bar will open a second location, this one at Portland International Airport. Now PDX is welcoming Elephants Delicatessen to the airport food court. Elephants operates four Portland-area delis offering local foods prepared every day from scratch. Elephants expects to open at PDX by year's end.

Beaches takes over the Rose City restaurant at PDX next month, but will convert the space to a Beaches in 2010.

The Clark County Fair has launched a new Web site for fair fans. At ClarkCoFair.com fairgoers will find entertainment news and promotions. The Web site redesign also is meant to be user-friendly for exhibitors and commercial vendors.

For the first time, the fair is promoting vendor space during its 10-day run starting Aug. 7. The fair is expected to draw 265,000 people. Retailers, inventors, musicians and service providers are invited to rent a space through ClarkCoFair.com.

Insitu Inc., developer of unmanned aircraft systems, is opening an office in Queensland, Australia to serve its growing Asian markets. Insitu is based in Bingen and has offices in Vancouver. The company is a subsidiary of Boeing Co.

Julia Anderson is The Columbian's business editor.