Oregon Restaurants

What Will Oregon’s Economy Look Like In 2021?

The pandemic changed the world for every business in Oregon because all non-essential businesses had to close in March and they stayed closed until May when they were slowly allowed to reopen.

Restaurants and the hospitality industries have been hardest hit in Oregon, thankfully those industries started coming back during the summer but other industries like gyms and movie theaters have suffered.

As we approach the end of 2020, most Oregon residents are wondering what the future holds for the economy in 2021.

In this article, we will answer this question and provide you with insight into what you can expect from Oregon’s economy in the coming year.

What To Expect From Oregon’s Economy In 2021?

Even though many businesses have experienced growth over the last 6 months, following the onset of the pandemic, the reality is that with winter fast approaching, those businesses may begin to see continued struggles.

This is especially true for restaurants because, many of Oregon’s restaurants have been able to serve customers outdoors during the summer months and will not be able to continue doing that during the winter when it’s cold and snowing outside.

Sadly, the same is also true for other industries, including large corporations like Nike, who recently announced that they are laying off 700 employees from their Beaverton headquarters.

How Long Until Things Get Back To Normal?

With 2020 finally coming to a close, most businesses are wondering when life will finally get back to normal? The answer to this question depends on a few factors including the release of a Covid-19 vaccine, future Economic Stimulus and how fast people are able to get back to work after pandemic related job losses.

Ultimately, we may have to deal with Covid-19 for another year or longer but even though it’s been a tough year, and the resiliency of Oregonians has been tested, we can expect Oregon’s economy to slowly get back on track to a sustained economic recovery.