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Portland - August 2015
   

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Portland — New Economic Development Report

August 2015

Portland Streetcar, Inc. released new economic development data in August, providing insight into the Streetcar’s influence on real estate investment, housing development, and population changes in the Central City. The data analysis was conducted by ECONorthwest and evaluates economic development outcomes since construction began on the first Streetcar line in 1998.

TABLE: New residential units built along the Streetcar Corridor since 1998

Type

Buildings

Units

Apartment

71

8,635

Affordable

26

2,911

Condominium

41

4,230

Hotel

6

1,315

Institutional

3

797

Grand Total

147

17,888

In 2015, the Streetcar continues to be a positive factor in spurring development and investment in the Central City with construction cranes lining either side of the corridor. There are currently nearly 3,500 residential units and over 600,000 square feet of commercial space under construction along the Streetcar Corridor and another 44 residential projects and 18 commercial projects proposed for development. A map of new development projects that are proposed or already under construction is available here.

Growing population while reducing dependence on automobiles
Over time, the residential population living near the Streetcar has grown and those residents have become less reliant on cars for daily transportation. Since 1998, population in the Streetcar Corridor has increased 34.9 percent, while the population of City of Portland as a whole increased 12.4 percent. According to data from 2013, 38.6 percent of households in the Streetcar Corridor do not own a vehicle, compared to 15 percent of households in City of Portland.

Along with system expansion and improvements, the rise in development along the Streetcar Corridor has contributed to increased streetcar ridership. Daily streetcar ridership has increased from about 4,000 users per day in 2001 to the 15,000 that use the system today. As riders begin to use the A/B Loops to travel around the city, ridership is expected to grow to 20,000 riders per day by 2025.

 

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