The anticipated drop of 800 to 1,000 students in the fall would mean a revenue shortage of $8 million to $10 million.
The agency's analysts cited the state's continuing revenue shortage and budget woes.
Oregon, like virtually every other state, is grappling with a revenue shortage this year.
Repair costs and revenue shortages that some businesses will suffer will be offset in the economy as a whole by increased construction, the economists say.
New York's anticipated $1 billion revenue shortage for the fiscal year 1990, now the largest in the nation, is threatening the state's credit rating.
But January's hopes evaporated, in part because of a $65 million revenue shortage.
The drug program aside, a revenue shortage remains.
It has also said the fire department and library system will have to absorb the bulk of any revenue shortages.
Texas is facing an estimated $5.8 billion revenue shortage in its budget for 1988 and 1989.
He refused to be pinned down on an estimate of a revenue shortage, saying that so far revenue was nearly meeting projections.