Why Is This Important?
Following major population declines related to COVID-19 in many cities, population size has been a closely watched indicator. Population size is linked with economic vibrancy because a growing population typically results in higher demand for goods and services, the creation of new businesses, and the generation of more jobs. Furthermore, an expanding population attracts development and investment to the region. For these reasons, population growth is a crucial factor in the City's revenue forecasts. Cities with large growing populations often have a wider variety of cultural attractions, various entertainment options, and many recreational opportunities; they are often considered attractive places to visit and live. The City receives State funding based on population estimates provided by Portland State University’s Population Research Center. As such, the City's population directly influences its revenue: the larger the population, the greater the share of State funding allocated to the City's budget.