Portland, Oregon - Economy

Economy

Portland's location is beneficial for several industries. Relatively low energy cost, accessible resources, North-South and East-West Interstates, international air terminals, large marine shipping facilities, and both west coast intercontinental railroads are all economic advantages. The US consulting firm Mercer, in a 2009 assessment "conducted to help governments and major companies place employees on international assignments", ranked Portland 42nd worldwide in quality of living; the survey factored in political stability, personal freedom, sanitation, crime, housing, the natural environment, recreation, banking facilities, availability of consumer goods, education, and public services including transportation.

The city's history of attracting and retaining company headquarters is mixed. Major businesses such as Willamette Industries, Louisiana-Pacific, CH2M HILL, U.S. Bank, and Evraz North American (formerly known as Oregon Steel Mills), have moved headquarters out of the city, as have smaller companies such as Lucy Activewear and Northwest Pipe Company. Examples of how the city has attracted a company's world, North American, or U.S. headquarters include Vestas Wind Systems, and sporting goods manufacturers Li-Ning Co., Hi-Tec Sports, KEEN, Inc. and Adidas.

Other Portland based companies include advertising firm Wieden+Kennedy; financial services companies Umpqua Holdings Corporation and StanCorp Financial Group; data tracking firm Rentrak; utility providers PacifiCorp, NW Natural and Portland General Electric; communications provider Integra Telecom; restaurant chains McMenamins and McCormick & Schmick's; toolmaker Leatherman; and architectural firms ZGF Architects LLP and Boora Architects.

Computer components manufacturer Intel is the Portland area's largest employer, providing jobs for more than 15,000 people, with several campuses to the west of central Portland in the city of Hillsboro. The metro area is home to more than 1,200 technology companies. This high density of technology companies has led to the nickname Silicon Forest being used to describe the Portland area, a reference to the abundance of trees in the region and to the Silicon Valley region in Northern California. While manufacturing and hardware have been the core in the past, a budding group of software-oriented startup companies has taken root in Portland as well, supported by new seed funding organizations and business incubators.

Portland is home to the North American headquarters for Adidas, while the metropolitan area serves as the headquarters for Nike, FLIR Systems, Columbia Sportswear, and TriQuint Semiconductor, among others. Nike and Portland based Precision Castparts are the only two Fortune 500 companies headquartered in Oregon. Other manufacturing companies based in Portland include Freightliner Trucks, Zidell Companies, The Collins Companies, while Western Star Trucks builds their trucks in the city. Leatherman Tools and Langlitz Leathers, considered – respectively – the industry leaders in multitools and motorcycle riding wear, are also based in Portland.

The steel industry's history in Portland predates World War II. By the 1950s, the steel industry became the city's number one industry for employment. The steel industry thrives in the region, with Schnitzer Steel Industries, a prominent steel company, shipping a record 1.15 billion tons of scrap metal to Asia during 2003. Other heavy industry companies include ESCO Corporation and Oregon Steel Mills.

Portland is the largest shipper of wheat in the United States, and is the second largest port for wheat in the world. The marine terminals alone handle over 13 million tons of cargo per year, and is home to one of the largest commercial dry docks in the country. The Port of Portland is the third largest export tonnage port on the west coast of the U.S., despite being located about 80 miles (130 km) upriver.