Local Economy in Corvallis
In the past several years, the Nation’s economy has plummeted and everyone has taken a hit. The struggles that Corvallis has faced in this economic slump may not be seen by some people that live here. We have all seen many local businesses forced to close because business flow wasn’t enough to meet requirements.There are many reasons that play into why places either succeed here or they don't. They have to have enough pull to get the local people in through out the summer when the students all go away for the summer. The audience companies are trying to attract has to be actually in Corvallis and be realistic about what we really need in town.
Hewitt Packard is a huge player in Corvallis’s economy and they have been cutting more jobs monthly it seems. Once Hewitt Packard figures out how to use another material besides gold in the microchips then the Corvallis FAB will be shut down and all the work will be shipped over seas. With such a huge place shutting down this will cause Corvallis’s unemployment rate will shoot even higher. Another huge contributor to the local economy is Oregon State University.
There are two different reasons people come to Corvallis to live: The first reason is because they see it as a place to get an education, grow as a person, and to party. The second reason people come here is to settle down and start raising a family. The two far end of the spectrum cause ample opportunity to have businesses. In this economic time people cant be opening businesses that don't apply to the people who live in the town. There are lots of areas to look at when it comes to opening any kind of new business. For instance it probably isn't the best idea to open a pizza parlor in a town that already has three other ones, there just is to much competition to survive. Overall Corvallis has been able to survive and not fall to bad into the recession.
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