A recent report says that the “destination resorts” in Oregon have stabilized after years of pain from the Great Recession. This is especially an important turning point because many of the state’s resorts were built or expanded in the years running up to the collapse.
Many of these resorts are in Deschutes County in and around Bend, which was also devastated by the real-estate disaster. They include Tetherow, Pronghorn and Sunriver. The report states:
Although destination resorts may be responsible for a variety of negative effects on the local community and environment, it is undeniable that these resorts generate positive economic impacts within the communities where they reside. Destination resorts employ a large number of individuals (more on this later) and these resorts have large payrolls.
Unfortunately, tourism generally pays poorly: The average annual pay for employees at these large resorts was $26,436 last year. But the economic effects are large: $50 million in total payroll, a big chunk of local taxes, nearby support businesses and consumer spending.
According to Josh Lerner at the Oregon Office for Economic Analysis, “It is good news that tourism has bounced back, particularly for some of the regional economies along the coast, Central Oregon and the Gorge.” He also points to an interactive map on tourism’s economic effects by Dean Runyan Associates.
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Today’s Econ Haiku:
Here comes the taper
Buffett says the naked show
When the tide goes out