Intel layoffs ripple across Oregon economy

HILLSBORO, Ore. (KOIN) — Too many sellers, too few buyers — it’s a worry suddenly on the minds of some realtors in Washington County following Intel’s announcement they’re laying off nearly 3000 workers at its campuses in Hillsboro.

The company that makes the brains inside a computer, the computer processor, had more than 22,000 workers at its Washington County facilities. But these layoffs will affect more than the Intel workers. They will affect Oregon’s economy.

“Whether it’s the family, the local economies, the small businesses, yeah, there’s always a ripple effect,” said Deanna Palm with the Washington County Chamber of Commerce. “And I think that definitely this should be a signal for a sense of urgency and doubling down on our economic development efforts here in the state of Oregon.”

Their layoffs will create a ripple effect in the local economy.

Will the hundreds of engineers, skilled technicians and other trained tech workers stay in the region or will they move to other states to pay their tax dollars for schools and services there? Some business leaders believe more needs to be done to keep them in Oregon and attract new companies.

“Our target buyers are no longer moving in here and there could be houses showing up on the market any day,” realtor Erik Bjorge told KOIN 6 News. “We could have listings with people leaving. They’re going to be leaving because they need to find a job elsewhere. They have uncertainty around their own ability to afford their home where they just absolutely can’t afford the home.”

Just last year, Intel touted a plan to invest $36 billion in Hillsboro as part of the federal CHIPS Act money for semiconductor manufacturing, research and development. Intel is now restructuring to remain competitive.