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Oregon Has One of the Fastest Growing GDP in the Nation

A new report shows Oregon’s GDP last year grew nearly three times faster than the U.S. economy, and Oregon is ranked as the 2nd fastest growing economy in the nation in 2011.  Some of the growth Oregon is seeing is from the reverse off shoring trend: manufacturing jobs are being brought back to the U.S.  Business economic development experts say companies who operate overseas are finding that its making better business sense to bring some jobs back home.  Nathan Buehler is with Business Oregon:  "That's where we're doing a lot of opportunity right now.  This idea of on-shoring; manufacturers bringing back their manufacturing processes and jobs back here to the states, and particularly back here to Oregon.  In the issues of quality, issues of costs- costs are rising in Asia as well, and we’re also seeing opportunities, where not just labor costs, but energy costs particularly wit the tragic events in Japans, they’re having an energy crisis right now.” The state's durable goods manufacturing industry was the second-fastest growing sector in the nation with a 3.94% growth rate, that accounts for almost 20% of Oregon’s economic expansion.  And another very strong sector,  high tech companies like Intel, which employs about 16,000 people in Portland.  North Dakota had the fastest growing economy last year.

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