Oregon’s median household income has surpassed the U.S. median for the first time since 1979, state economist Mark McMullen told legislators Wednesday.
Oregon income has grown across all levels and populations, according to the state’s December economic and revenue report. McMullen and state economist Josh Lehner presented the quarterly report to House and Senate interim revenue committees.
Oregon’s economic outlook remains stable but economists still worry about a national recession, McMullen said. Growing budgetary reserves and the Student Success Act’s new business tax offer a bulwark for the State School Fund against a downturn.
The Oregon Office of Economic Analysis data was mostly positive, but job growth has slowed unexpectedly this year. Layoffs, however, remain near historic lows.