As a community-engaged bank, the SF Fed seeks out real-time information on economic conditions by engaging with and learning from businesses, community organizations, and local leaders. These conversations are one of the many inputs into the decisions and policymaking at the Federal Reserve as we pursue our mission.
Here’s a recap of the Oregon Business and Industry’s 2024 Manufacturing Roadshow from Ian Galloway, Regional Executive of the SF Fed’s Portland branch.
Reflecting on this year, I’m grateful for Oregon Business and Industry (OBI) annual manufacturing bus tour that celebrates Oregon manufacturers across the state. It is a reminder that manufacturing is a key contributor to the regional economy and often supports entire communities with living-wage jobs.
OBI is a statewide business association that represents more than 1,600 businesses and industries in the state. OBI Is the state affiliate of the National Association of Manufacturers.
Given the industry’s size and statewide footprint, it’s critical for me to understand what challenges and opportunities manufacturers face. “Made in Oregon,” goes beyond a slogan, it’s happening across the state. As a sector, Oregon’s manufacturing industry is diverse, ranging from metal fabrication, food and beverage, timber processing, high-tech component assembly, and many more. The information that I gather helps us understand how Americans and experiencing the real economy.
According to OBI, a 2024 report by ECONorthwest shows that manufacturing contributes $36.3 billion to Oregon’s GDP and employs more than 200,000 people. Additionally, the report released that the state’s manufacturing sector has been underperforming relative to the rest of the country. It indicates that between June 2023-June 2024, Oregon ranked 45th nationally in manufacturing growth.
During the tour, a surprise was how interconnected the companies are. It may not be obvious to consumers, but Oregon manufactures constitute a robust supplier ecosystem that collectively produces parts for both well-known and under-the-radar products sold here and around the world.
It’s a privilege to see the manufacturing industry in action as part of my business outreach work at the Federal Reserve of San Francisco.
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The views expressed here do not necessarily reflect the views of the management of the Federal Reserve Bank of San Francisco or of the Board of Governors of the Federal Reserve System.