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The National Observer: Here's where the money lives
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today,y we've got stories on the rising number of towns in which the median home costs more than $1 million; the interest office tenants are taking in their landlords' financial situation; and plans for a multibillion-dollar supercomputer complex by Elon Musk. But first, here's our inaugural list of the ZIP codes with the greatest concentrations of wealth in the U.S.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Winner of Oregon Angel Food 2024 takes home $160K investment
Portland-based Mickleberry Gardens walked away the winner of the 2024 Oregon Angel Food competition, securing a $160,000 check from investors. <\p> The company makes a line of products using raw honey, beeswax, bee pollen and other medicinal plants. It was up against four other companies vying for investment. <\p>
Big deadlines loom for Realtors commission lawsuits
The class-action lawsuits that rocked the residential real estate industry over the last year are barreling toward a possible conclusion — and some big changes in the remainder of 2024. <\p> One of the most important deadlines is Aug. 17, 2024, when the NAR has said it would implement a series of changes as part of its own $418 million settlement agreement over buyer commissions. <\p>
OHSU reveals size of first round of 500-plus layoffs
OHSU served notice on Monday that it is laying off “142 employees whose jobs are being permanently eliminated as part of its annual renewal process.”<\p> Connie Seeley, executive vice president and interim chief people officer, said in a state WARN Notice OHSU “anticipates additional permanent layoffs within the next 90 days."<\p>
'World class' competition announced for Portland's Waterfront Park
A new event will bring fans of skateboarding, music and art to downtown Portland's waterfront this summer.<\p> The inaugural Rockstar Energy Open is a skateboarding competition that will feature elite skateboarders alongside up-and-coming amateur skateboarders at Portland’s Waterfront Park on Aug. 23-25. <\p>
Gen Z cites housing affordability as its top election issue
In the wake of rapid home-price appreciation during the Covid-19 pandemic, housing is playing a bigger role in how Americans vote — among one demographic in particular.<\p> Ninety-one percent of adult Gen Zers said in a recent Redfin Corp. (Nasdaq: RDFN) survey housing affordability is important when considering whom they will vote for in the presidential election this November. Among a list of nine broad political topics, the subject ranked No. 1 for that generation — ranking even higher than the strength of the overall economy, which was the top priority for millennials, Gen Xers and baby boomers. Housing affordability for Gen Z respondents also outranked issues of education, gun rights and abortion rights.<\p>
Sortis Holdings, Ace Hotel undergo rebrands after tumultuous 2023
Owners of the Ace Hotel in downtown Portland are rebranding it as the Clyde by Kasa, resurrecting a name dead for nearly two decades.<\p> There's a lot of renaming going on. The local group behind the hotel, Sortis Holdings, says it now goes by SOHI Brands.<\p>
Nike alums sell home management startup in all-equity deal
Portland software startup EasyHome, co-founded by Nike innovation alums, has been acquired by Kentucky-based Fixle Inc. <\p> EasyHome created an app that can be used by homeowners and real estate professionals to create a digital twin of a home. This means all the home's details, mechanical systems and appliances are entered into the app and then the software can keep track of maintenance. There is also concierge support to help users book repair professionals. <\p>
Upstart running brand accelerates hiring in Portland
Growing footwear brand On is hiring for several positions at its North American headquarters in Portland.<\p> The company’s LinkedIn page posted more than a dozen full-time jobs over the last two months in several departments. The hiring comes after the Swiss company opened its largest retail space in the U.S. on Portland's Northwest 23rd Avenue and grows rapidly in the region.<\p>
Cuentos De Triunfo brings together Portland Latino professionals
An event in the Pearl District on Saturday will bring together Portland-area Latino professionals for networking.<\p> Local group Juntos PDX will hold its second Cuentos De Triunfo on Saturday from 1:30 to 6 p.m. inside Portland Center Stage at the Armory, 128 N.W. 11th Ave. Tickets are $10 and available here. (Attendees ages 14 and younger get in free.)<\p>
OHSU: Layoffs, Legacy merger necessary for financial stability
OHSU leaders told employees Thursday it would cut staff as it works to shrink its budget amid financial pressures.<\p> "As we continue to navigate a period of significant transformation at OHSU, we want to provide an update on our ongoing Strategic Alignment work, including necessary reductions in workforce," President Dr. Danny Jacobs and other OHSU leaders wrote in the email.<\p>
Portland entrepreneur's next project is safer streets
Portland entrepreneur Tory Campbell is launching a new venture — on top of his existing food manufacturing business Felton & Mary’s — that he hopes will not only make the community safer but help more people get outside. <\p> The startup is called Outside Now and he is building it alongside his 14-year-old son Tillman. The company is designing and building a traffic calming device that consumers can buy to place in the street to alert drivers there are children or other people in or near the street. <\p>
Portland battery manufacturing joint venture gears up with new CEO
Portland-based Daimler Truck North America and partners Accelera by Cummins and Paccar are shifting into gear on their previously announced U.S. battery cell manufacturing joint venture.<\p> The trio said they finalized the transaction to create the JV and dubbed it Amplify Cell Technologies. They also named automotive and manufacturing industries veteran Kel Kearns the CEO.<\p>
Why new housing numbers spell good news for sellers
The median home price in the Portland metro stood at $559,000 in May, rising 1.5% from the same time last year, according to the Regional Multiple Listing Service.<\p> More homes are available than the same time last spring, RMLS reported, reflecting an incremental loosening of the market over the past two years. There was just over two months' worth of inventory available (that's how the industry measures it) in May, so the market remains tight.<\p>
Portland bakery and chocolate shop to close this month
This story is available courtesy of Portland Business Journal media partner KGW-TV.<\p> Longtime Southeast Portland mainstay Jaciva's Bakery & Chocolatier will close its doors on June 29, the business announced Tuesday. <\p>
OPB taps a national news leader as its new CEO and president
Oregon Public Broadcasting has a well-pedigreed new president and CEO.<\p> Rachel Smolkin, who counts experience with CNN Digital, will take over from Steve Bass, OPB's board revealed Thursday morning. She's "a veteran journalist focused on changing audience needs," the board explained in a release.<\p>
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