Monday, May 4, 2009

Local real estate development mostly gone

This may not be a news flash, but I think it is a good reminder about the big change our economy has gone through, and the repercussions that we have just begun to see.

The Statesman/Journal ran a front page story today on the Salem City Council's proposal to cut back it's regular meeting schedule from once a week to two days a month. The reason: lack of "residential and commercial development issues". So clear evidence here that things have changed a lot, and an unintended revelation that our city's leadership has been spending half their time on real estate development. The other issues for next week's meeting are deciding how to spend some federal stimulus money, discussing cameras at red lights, and choosing a name for a fountain.

Salem has a population of about 150,000 according to wikipedia. I believe the state of Oregon is the largest employer in the area, with Salem Hospital also employing a significant number of people. After that, not much in the way of industry or large businesses. What will become of all the people who were involved in construction, real estate, and related services, and what will be the further impact on the local economy?

No comments: