Vacasa and Dutch Bros Go Public

If early indicators are to be believed, the U.S. economy has proven resilient in the face of COVID-19’s delta variant. The Leading Economic Index reported 0.9% growth in July. Last week, S&P 500 recorded its fifth record closing in a row, its longest streak since 2017. Oregon added 20,000 jobs last month. According to the Office of Economic Analysis, the state has now recouped 70% of its initial job losses.

Despite the uncertainty in some areas of the economy, other segments — particularly the restaurant and hospitality industry — are returning. After announcing a round of layoffs in 2020, Portland-based short-term rental company Vacasa announced at the end of July that it will go public in a $4.5 billion deal. Though the coffee sector was among the hardest hit during the pandemic, Grants Pass-based coffee chain Dutch Bros also announced an IPO release in June.

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The companies’ announcements follow one from green energy battery manufacturer Energy Storage Systems (ESS), which went public in an SPAC acquisition in May.

This summer’s round of public offerings could lead to further economic development for the state as it forges ahead to a greener, more remote way of life. The evidence suggests the economy is reshaping as well as rebounding. Companies poised to thrive in pandemic conditions have room to act quickly, and gain even larger shares of the evolving market that shows little sign of going back to normal.

On its face, going public now could look like a risky proposition. The stock market has experienced considerable volatility in the last few months. The rapid spread of COVID-19’s delta variant, an economic slowdown in China, and the seizure of Afghanistan by the Taliban could spell further volatility for the foreseeable future.

The rise of remote work and new prevalence of online delivery services has largely meant that while some sectors like oil and retail have seen a decline, the growth of other industries have been more than enough to offset them. Despite volatility, certain segments of the economy are showing consistent growth.

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