Goodbye Corvallis: Employment observations

[Smiled]

Corvallis ten years from now?
Well - OSU will be around. There should be a number of OSU spinoffs/startups. Ag and Forestry should be doing all right. But Corvallis is some distance from a large city, so there are limitations regarding company HQ and so forth. I personally think it depends most on whether Oregonians decide to really invest in higher education.

[mxpl]

What about HP? Are there plans to increase the number of employees later, or will it shut down? What about other hi-tech businesses moving into town, maybe genetic research, etc, etc? I understand that the number of educated people per capita is very high in Corvallis. However, the way many people speak, Corvallis will soon be a retirement community with OSU stuck in the middle of it.

[jjpop]

Please forgive me, the following paragraphs I posted in response to another thread about Corvallis, so if you think you've read this before you may have. I now realize it's more appropriate in this thread:

There's no telling what the economy will be like in 10 years, so I'm guessing here. Knowing what I know about HP, I would imagine that they will still be a presence in town, but with an even smaller workforce than they have now. The stock market likes the direction that CEO Mark Hurd has been taking the company, so they will likely continue down that path, moving work overseas and to U.S sites with a lower cost of living (Texas).

One or two of the empty HP buildings are being utilized by a group of companies and university cooperatives that are working to develop a nanotechnology institute, but it hasn't really taken off yet. Maybe it will when the economy improves.

OSU and Good Samaritan Hospital, the two other big employers, will probably be humming along just as they are now. I don't see any major initiatives that will push either of them to grow substantially. The economy will probably be even more reliant on retirees and students than it is now. That's not a bad thing in and of itself, but the tax base won't be as diverse as it used to be, which would worry me.

As for renting out a home for 10 years before moving to occupy it, 2010 might be a good time to start looking. I'd bet we'll be beyond the worst of the housing crisis by then. That said, Corvallis didn't have the same property value appreciation that other cities did, and hasn't had the property value drop like those other areas, so you shouldn't expect to find the bargains that you might find in other cities.

You'll have a built-in demand for your rental with the students there, but they usually do 10-month leases for the school year (September through June). If you buy further away from campus you could probably do one-year leases. There are some good property management companies if you are not going to be close enough to manage it yourself.

If you are retiring in 2020 or at least not expecting to find a job in Corvallis when you finally move there, I think it's not a bad plan. My wife and I have talked about moving back when we retire--it's just a nice place to be. Good luck.

[CheekyChick]

I feel for the OP. Corvallis is a great town, but the economic situation is horrific. If the criminals move (or stay out of) this area, this is a great place for families. I hope I'm not forced to move.

[DavePautsch]

Originally Posted by mxpl

The comments on the current economic situation in Corvallis are very interesting.
I plan to move to Corvallis in about 10 years. What do you think the economy will be like then?
Also, I plan to buy a house in Corvallis in 2010 and rent it out. What do you think?

Just make sure you can feed the alligator every month! We are near (but I don't believe AT) the bottom of prices - and if you are looking at holding it for 10 years - If you make a good buy in a good neighborhood - and IF have good renters - I'd think its a good decision.

However, please note that paragraph was all centered on some big IF's!

Corvallis today has just over 6 months of inventory in the housing market - pretty good actually compared to the rest of the area - but I think there is still some economic turmoil yet to come, dependent upon what happens with HP in the next 12-18 months.

shop wisely!

Dave

[scottinpdx]

I have lived in Corvallis for about 5 or 6 years. All in all it is a pretty nice place to live. The college kids can be annoying at times but thats to be expected. I was originally planning on saving up to move to Portland next spring. BUT! was laid off a couple weeks ago. I am now staying at my parents in McMinnville, (this is not the financial situation I thought I would be in at age 30). I want to move up to Portland but no one feels comfortable renting to me without a job and I don't want to start a job hunt until I find a place since I do not drive. It's a real mess right now.