The Eugene & Springfield region boasts a balanced and resilient economy, combining cutting-edge research and innovation with traditional industries. From the University of Oregon’s wide-ranging influence to the vibrant “Silicon Shire” tech community, here’s an overview of the sectors driving growth and creating opportunities throughout the Willamette Valley.
Higher Education and Research
Few forces shape Eugene & Springfield’s economy more significantly than its higher education institutions—notably the University of Oregon (UO) and Lane Community College (LCC). Together, they attract students from around the globe and spark a thriving research and talent development environment.
- Economic Impact: UO alone generates over $2.2 billion for Oregon’s economy each year, supporting thousands of jobs directly and indirectly.
- Innovation & Collaboration: Projects like the Phil and Penny Knight Campus for Accelerating Scientific Impact draw top-tier talent and secure major research grants, cementing the region’s reputation for innovation.
- Community Support: With more than 20,000 students at UO and additional enrollment at Lance Community College (LCC), the educational sector fuels local spending on housing, dining, and professional services. In turn, these students and researchers feed into the local workforce, driving growth in startups, technology, and beyond.
Manufacturing and Technology
Once known primarily for its timber industry, Eugene & Springfield has evolved into a diversified manufacturing hub with a fast-growing tech scene, endearingly referred to as the “Silicon Shire.”
- Tech Growth: Over 500 technology companies in the region employ nearly 3,800 people. The presence of entrepreneurial incubators and UO spinoffs has spurred a steady increase in software development, electronics, and even video game design.
- Legacy Manufacturing: Wood products and durable goods still form a vital part of the local manufacturing base, employing thousands in Lane County. Meanwhile, food processing—especially in organic and specialty foods—continues to expand, adding stability to the region’s manufacturing mix.
- Balanced Economic Portfolio: By blending traditional manufacturing with cutting-edge tech, Eugene–Springfield has built a robust economy that can adapt to market changes and foster sustained growth.
Healthcare
Healthcare is another cornerstone of Eugene & Springfield’s economic foundation. Major providers serve the broader Willamette Valley while employing a significant share of the local workforce.
- Key Players: PeaceHealth (including Sacred Heart Medical Center) and McKenzie-Willamette Medical Center are the region’s healthcare network, with PeaceHealth employing more than 5,400 people alone.
- Growing Sector: Healthcare and social assistance consistently rank among the top local employers, offering stable, well-paying jobs. University-linked research programs in biotech and clinical trials further strengthen this crucial sector.
Tourism and Outdoor Recreation
Eugene & Springfield is nestled between mountains, rivers, and the coast and attracts visitors drawn to its cultural events, sports, and natural beauty.
- Visitor Spending: In 2022, Lane County saw $1.4 billion in tourism spending—a complete rebound from pandemic setbacks.
- Signature Events: Known as “TrackTown USA,” Eugene hosts significant track and field competitions at Hayward Field, while events like the Eugene Marathon and regional music festivals bring visitors year-round.
- Outdoor Adventures: With world-class rafting on the McKenzie River and countless hiking and biking trails, outdoor recreation remains a core draw, supporting jobs in hospitality, restaurants, and cultural venues.
Agriculture and Food Processing
The region’s fertile farmlands support a thriving agricultural and food processing sector, known for everything from organic produce to craft beverages.
- Local Brands: Companies like Springfield Creamery (Nancy’s Yogurt) have a storied history in the community, while local wineries fuel agritourism in the southern Willamette Valley.
- Farm-to-Table Culture: An emphasis on fresh, locally sourced ingredients underpins a growing farm-to-table scene, as evidenced by bustling farmers’ markets and an array of specialty food producers.
- Exports & Recognition: From hazelnuts to blueberries, the area’s agricultural products reach global markets, boosting local brand awareness and adding valuable export revenue.
Eugene-Springfield at a Glance
Eugene & Springfield’s diverse economic base ensures a promising future. Higher education and emerging tech ventures spark innovation, while legacy sectors like healthcare and wood products maintain steady employment. Tourism, agriculture, and food processing contribute to a well-rounded mix of opportunities that support local entrepreneurs and attract outside investment.
At Summit Bank, we’re proud to serve the Eugene & Springfield communities, helping businesses across all these sectors find the financial solutions they need to grow and succeed. This balanced economic ecosystem speaks to the region’s resilience and highlights the ongoing potential for new ventures and long-term growth.