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Tom Brady launches ‘Good Nut’ coconut water company, Amazon creating 1000 jobs partnership with NC Fiber company, airlines fuel costs soared 78% in April, Oregon’s $14B tourism industry has new leadership, Microsoft board member Reid Hoffman steps down, Anaconda 55 year old newspaper shuts down, Portland affordable housing developer on the fritz, Seattle business magnate bails for Nevada.
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PNW Market Look
As of market close 6.8.26
Headline Roundup
Intel Gains on Report That Google Will Use It to Make Chips (BBG)
Les Schwab Restructures Staffing, 70 Positions Impacted (KTVZ)
Amazon announces agreement with Corning to boost US fiber optics manufacturing, creating 1,000 advanced manufacturing jobs in North Carolina (AMZN)
US airlines' fuel costs soared in April to $6.5 billion (Reuters)
Travel Oregon names OSU, Business Oregon exec as new leader (PBJ)
LinkedIn co-founder Reid Hoffman to step down from Microsoft's board (Reuters)
Portland developer enters Seattle market with 225-unit project (PBJ)
The Anaconda Leader shuts down after run of 55 years (MTFP)
Boise, Union Block developer in conflict over two more buildings. One’s elevator is off. Another has visible damage (BD)
Major Portland affordable housing provider could close in 6 months, leader tells city (ORL)
Zillow co-founder Rich Barton leaves Seattle for Las Vegas (ST)
Mining company gets green light to probe for gold near Blackfoot River (Missoulian)
A nonprofit developer has proposed a 'legacy project' in Bellevue's Wilburton neighborhood that would span more than 8 acres. (PBJ)
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Community Highlight
Bend mayor Melanie Kebler announced Monday she is running for a second term this November. (COD)
“I’m honored to have spent the past four years leading the City Council and getting results for Bend,” Kebler said in a press released. “I’m running for another term as mayor to provide tested and trusted leadership in this pivotal moment. We must protect the progress we’ve made as a city from federal chaos, and keep Bend on track toward housing affordability and smart planning. I’m excited to lead our continued progress on housing, homelessness, public safety, and infrastructure improvements that are creating a better Bend for everyone.”
No other candidates have announced their intention to run.”
Rip’s Spotlight
‘This Is Managed Decline’: Transit Advocates Worry of TriMet Doom Loop (WW)
“Additional cuts loom. TriMet, which runs the Portland area’s public transit system, says it aims to reduce operations by 10% in the next two years. As the agency trims down, close transit observers say service quality could erode for the long haul if policymakers don’t find new funding sources soon.
Meanwhile, TriMet reports skyrocketing operational costs, which it says have risen 56% since 2019. This includes materials for buses such as seats and engine parts, but also fuel costs, which the agency says surged as much as 84% over weekly budgeted amounts. This, paired with the steady decrease in fare revenue and a loss of federal programs that offered funding during COVID, clouds TriMet’s financial future.
When it announced the planned budget cuts earlier this spring, TriMet said its fiscal cliff, when the agency is on pace to effectively run out of money for its operations, lies in May 2029—a date the agency is trying to outpace. On May 27, its board moved to trim $64.5 million from the agency budget in the upcoming fiscal year. (It adopted a budget of $1.75 billion, for context.)”
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