For much of
the past two decades Bend has had its share of kudos as the best of this and
that from regional and national publications. By a variety of measures—best retirement,
best outdoor city etc.—Bend and surroundings have rated highly by The New York Times, Washington Post, Outside, Sunset, Forbes and others.
Many
of these rankings are shallow on details and tend to make their points with a
few brief highlights and a scenic photo or two.
One
of the more puffy pieces recently was Bend’s ranking as No. 21 on a list of “Great
Places to Follow Your Passions in Retirement...” by a Forbes contributor.
Now
the Milken Institute think tank, founded by former high-risk bond magnate Michael Milken, has put Bend-Redmond at the top of its “best performing small cities” list
for 2017, marking the second year in a row with the top spot.
The
Milken rankings dig considerably deeper into factors beyond those in fluffier
lists, with an emphasis on economic criteria as a measure of “performance.”
Among
the criteria in which the area excelled, as measured from 2011-2016, are job and
wage growth and the number of high-tech industries.
Key points in the Institute’s analysis:
- Health care, outdoor tourism and high-tech have “helped to create an economically diverse metro” (area). St. Charles Medical Center leads the sectors with nearly 2,500 employees, an esimated 15.1% of the workforce.
- The technology industry will benefit from development of new talent through OSU-Cascades, now a 4-year university.
- The “collaborative energy” of public and private agencies support economic development, citing Economic Development of Central Oregon’s role in bringing together regional businesses.
- Population increases have added to diversity of the “traded goods industry,” noting such companies as Cairn, PIcky Bars and Hydro Flask.
- Maintenance and expansion of the manufacturing base, including PCC Schlosser’s plans to expand its Redmond titanium operations and experimental aircraft companies based in the area.
- The number of microbrewers, mentioning Deschutes Brewing, Goodlife and Crux among 26 in Bend. Notably Deschutes is said to have boosted employment by 21% in 2017.
The
Bend area, the Institute notes, has recovered, “faster than many of the metros
in its Small Cities index since the Great Recession. The diversity of the
economy and the type of industries all pay a role in this metro’s sustainable
growth.”
The
downside, as the Institute as well as the other list makers, point out is Bend’s
continuing rise in housing costs and lack of rental inventory.
Although
not mentioned in the Insitute report, the greater Bend area topped the national
appreciation rate at one point before the housing crash, dropped to last among
nearly 300 Metropolitcan Statistical Areas and recovered the past few
years to rank in the top 10.
However,
the Federal Housing Administration Administration housing price index through
September of 2017 shows the Bend MSA slipped to no. 52 nationally, although recording
a whopping 88.26% appreciation rate for the past five years.
But
you might say the big multi-year rise is relative, considering how far the Bend
MSA dropped during the recession and concurrent housing crash.
