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Housing permits return to normal levels but face headwinds

​Portland has seen below average residential construction starting in 2008, returning to more typical numbers starting in 2015.  Before 2008 the metro area saw an increase in population of 2.2 people per new housing permit, since then the area has seen an increase in population of 4.0 people per new housing permit which has caused an increase in demand.

In 2016, Portland’s population surpassed 2.4 million, an increase of 1.7 percent. Housing permits have followed suit, having increased 3.7 times that of 2009 to levels not seen since the housing boom of the early 2000’s.

The commencement of Portland’s Inclusionary Zoning Program in February resulted in a flood of permits for multi-family apartments above 20 units issued before the deadline, with 7,000 units authorized in December and January alone. After the commencement, permits issued slowed considerably, with a mere 448 units authorized in February.

Source: JLL Research

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