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King County approves sales tax increase without voter input, high mortgage rates slow down housing market, Oregon political groups hint at Wealth Tax for 2028, 100 person tram service near Glacier National Park under federal review, Salem school district proposes six elementary school closures, Amazon cuts more jobs.

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PNW Market Look

As of market close 10.9.26

How Supreme Court justices are leaning in major 401(k) case over private funds and underperformance (CNBC)

Headline Roundup

  • Starbucks describes talk of possible Chipotle takeover as ‘rumors’ (ST)

  • Costco shoppers get about $30 each from a $14 million Washington email settlement while lawyers pocket $4.6 million (SR)

  • Progressive groups, unions announce wealth tax initiative aimed at 2028 Oregon ballot (OPB)

  • Eugene Clean Energy Fund supporters promise millions for climate projects, while critics warn of higher retail prices (OPB)

  • Households will pay more for energy — especially in Oregon — because of federal policy changes, think tank says (OPB)

  • Business and Labor Groups Launch Political Committee to Back Moderates Running for County Chair and City Council (WW)

  • Portland Public Schools Takes Issue With Explosive Bond Audit (WW)

  • Amazon lays off hundreds of employees globally in latest cuts (KUOW)

  • Sibanye-Stillwater ends month-long strike (MTFP)

  • Yellowstone County sues over initiative aimed at Quantica data center (MTFP)

  • Flathead tram proposal returns for second look (MTFP)

  • Sales tax bump approved by King County Council, voters will not weigh in (KOMO)

  • Starbucks confirms closure of five Washington stores in layoffs notice (KOMO)

  • Gov. Ferguson pledges action on Washington ferries engine crew wage gaps, union says (KOMO)

  • Report: Idaho's Treasure Valley remains a financial hot spot (IBR)

  • VASA Fitness to open first Idaho club in Boise with 50 new jobs (IBR)

  • (ID) State revenues exceed projections by $90 million for first quarter (IDP)

  • Little suspends diesel inspections after Trump order loosens diesel restrictions (IDP)

  • Nampa's new economic development director says city has 'tremendous momentum' (IDP)

  • 2 Oregon state-backed rail projects cost more than $70 million. They’re still mostly idle. (OCC)

  • Big Sky breaks ground on Cold Smoke workforce housing development (BDC)

  • Oregon’s only drive-through animal park loses key accreditation (ORL)

  • Bezos dismisses AI job-loss fears, predicts shorter workweeks (ST)

  • How rising electricity prices helped Amazon book $599M unrealized gain (ST)

  • Hotel trust sells downtown Portland property for $10M (PBJ)

  • Trump says Russia and Ukraine reached 'energy ceasefire' (Ground)

  • Iran says US response to its proposal to reopen Hormuz was 'insufficient' (Ground)

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Community Highlight

Salem-Keizer proposes closure of 6 elementary schools, boundary changes (OPB)

“Salem-Keizer Public Schools leaders are recommending six elementary schools for closure due to declining enrollment in Oregon’s second-largest school district.

The district published the list of schools Friday afternoon and will present its plan to the school board Tuesday. The board is expected to make a decision on the school closures at its Dec. 8 meeting.

The schools proposed for closure are: Brush College, Candalaria, Cummings, Englewood, Liberty, and Richmond. The district’s plan proposes closing the schools in fall 2027, with coinciding boundary adjustments across the district. Those boundary adjustments will not be finalized until February 2027. District officials say changes, including the boundary adjustments, will affect five percent of students in the district. The district says 250 staff members will be “impacted” through the closure proposal.

“We just see no path to avoiding it because the context around us is bigger than any of us.”

That context includes declining birth rates and families choosing options other than public school for their children. Castañeda acknowledged the reality facing not just her district, but districts across the country.

“We would actually have to reverse declining birth rate in order to change this,” she said.

“Sometimes institutions have to respond to the reality around them and do it with as much care and empathy as possible.”

Rip’s Spotlight

Fewer workers commute from out of state, another sign of Oregon’s soft labor market (ORL)

“Of the 120,000 people who commute to Oregon jobs from other states, three-quarters come from Washington.

Oregon ranks No. 4 in the nation in terms of earnings paid to workers who live in other states, according to an analysis by the Oregon Employment Department. That’s been a marker of economic strength in prior years, a sign of a robust job market.

Not anymore. The number of out-of-state workers in Oregon has declined since the pandemic, falling by about 3% through 2023.

The drop has been especially severe in the Portland area. The latest data shows that the number of Clark County residents filing Oregon income taxes fell below 70,000 in 2024 for the first time since 2016, an 11% decline from 2019.

Oregon hasn’t added jobs since 2023, held back by weak hiring in construction, manufacturing and other key sectors. That translates into fewer Oregonians working, and fewer people commuting from Clark County or elsewhere.

You might expect that a decline in workers from out of state would mean less income tax revenue. But over the past five years, incomes have risen faster than the number of commuters has been falling.

The state collected an estimated $268 million in income taxes from Clark County commuters in 2024, according to Chris Allanach with Oregon’s Legislative Revenue Office. That’s up about 7% from 2019.

Even so, the numbers suggest Oregon would have collected $33 million more if the number of workers from Clark County had remained constant instead of declining.”

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