Oregon might be famous for its rain, coffee, and that TV show about putting birds on things, but the state's business scene is surprisingly massive. With companies generating over $65 billion in combined annual revenue, Oregon's corporate landscape reads like a who's who of American business… if that who's who was written by someone wearing flannel and sipping craft beer.
Nike still runs this town (financially speaking)
Let's start with the swoosh in the room. Nike absolutely dominates Oregon's business landscape with a staggering $51.4 billion in fiscal 2024 revenue, making it roughly 15 times larger than the state's next biggest company by sales. That's like comparing a redwood to a really nice rhododendron.
The Beaverton-based athletic giant employs about 75,400 people globally, with over 14,000 in Oregon alone. For context, that's enough people to fill Moda Center nearly to capacity, though they'd probably all be wearing very comfortable shoes.
The swoosh hits some speed bumps
Nike's recent performance has been, well, less than Olympic. The company saw an 8% revenue decline in Q2 2025 and laid off 2,340 workers in 2024. But here's the kicker (pun absolutely intended): despite these challenges, Nike still managed to increase profits by 12% to $5.7 billion. Apparently, you can still just do it while doing less of it.
Founded in 1964 by Phil Knight and Bill Bowerman, Nike has come a long way from selling shoes out of car trunks. Today, the company's economic impact generates $12.7 billion in Oregon, which is roughly equivalent to the GDP of a small country, or approximately 2.5 billion venti lattes.
Silicon Forest: Where chips grow on trees (sort of)
While California has Silicon Valley, Oregon boasts the Silicon Forest, and Intel serves as its mighty Douglas Fir. Despite technically being headquartered in California (awkward), Intel is Oregon's largest private employer with 22,000 workers spread across four Hillsboro campuses.
Intel's billion-dollar bet on Oregon
The semiconductor giant recently secured a mind-boggling $7.86 billion in federal CHIPS Act funding, with an additional $1.8 billion specifically for its Hillsboro campus. Not to be outdone by the feds, Intel announced plans to invest over $36 billion in Hillsboro facility expansions through 2025 and beyond.
This isn't just corporate chest-thumping. Intel's Oregon operations generate a $16.84 billion annual economic impact, making it the economic equivalent of Portland's entire food cart industry… times about a thousand.
The broader tech ecosystem is equally impressive, with some seriously nerdy stats to back it up:
- 144,000 tech workers statewide
- Median wage of $104,198
- 30,000 semiconductor industry jobs
- 3,000 new semiconductor jobs projected
Unfortunately, even tech giants get the blues. Intel eliminated 1,300 jobs at its Hillsboro campus in 2024 as part of a global 15,000-person reduction. Turns out even in the chip business, you sometimes have to trim the silicon.
The other heavy hitters keeping Oregon weird (and profitable)
Beyond Nike and Intel, Oregon hosts an impressive roster of companies that would make any state jealous, except maybe they wouldn't want our rain.
Columbia Sportswear: Keeping you dry since 1938
Columbia Sportswear represents Oregon's outdoor industry prowess with $3.37 billion in 2024 revenue and 20,000 global employees. Founded by the Boyle family when FDR was president, Columbia has grown from a small hat distributor to an outdoor apparel empire encompassing Columbia, SOREL, Mountain Hardwear, and prAna brands.
The company essentially helped turn Portland into the athleisure capital of the world, which explains why everyone here looks ready to summit Mount Hood at any given moment, even if they're just going to brunch.
Portland General Electric powers through
PGE isn't just keeping the lights on; it's lighting up the profit sheets. The utility generated $3.44 billion in revenue while achieving record profits of $313 million in 2024, the highest in its 135-year history. That's a lot of years and a lot of electrons.
Serving 950,000 customers, PGE plays a crucial role in Oregon's renewable energy leadership. Currently, 62% of Oregon's electricity comes from renewable sources, with goals to reach 100% clean electricity by 2040. At this rate, we'll be powering our coffee grinders with pure smugness by 2045.
Precision Castparts: The company you've never heard of that's everywhere
Despite its low profile, Precision Castparts Corporation is an absolute unit. The Portland-based aerospace components manufacturer achieved record revenue of $10.4 billion in 2024 with $1.9 billion in pre-tax profits. Warren Buffett liked it so much he bought the whole company for $37.2 billion in 2016, which is the business equivalent of buying the entire neighborhood because you really liked one house.
PCC employs over 30,000 people globally and supplies critical parts to Boeing, Airbus, and other aerospace giants. So next time you're on a plane, there's a good chance some Portland-made parts are keeping you airborne. Sleep tight!
The new kids on the block (who aren't actually that new)
Oregon's business scene isn't just about established giants. Some relative newcomers are making serious waves, or in Dutch Bros' case, serious caffeine buzzes.
Dutch Bros: Caffeinating the nation, one bro at a time
Dutch Bros represents Oregon's entrepreneurial spirit on steroids… or more accurately, on a quad shot of espresso. The Grants Pass-based coffee chain generated $912 million in 2023, with 2024 revenue expected to exceed $1.1 billion based on 30% quarterly growth rates.
The company's origin story is quintessentially Oregon: brothers Dane and Travis Boersma started with a single pushcart in 1992 after environmental regulations forced their family dairy farm to close. Now they have 982 locations across 18 states and 35,000 employees serving coffee with aggressive friendliness.
Dutch Bros went public in September 2021, and investors have been buzzing ever since. The stock surged 68% in 2024, reflecting confidence in plans to open 160+ new locations in 2025. At this rate, there will be more Dutch Bros than actual Dutch brothers in America.
Banking on consolidation
The financial sector saw major moves with Umpqua Holdings Corporation's $50 billion merger with Columbia Banking System, completed in February 2023. The combined entity operates 290 branches across eight western states while maintaining Umpqua's brand and Portland-area headquarters.
Other notable players keeping Oregon's economy humming include:
- Northwest Natural Gas serving 2.5 million customers
- The Greenbrier Companies with $3.49 billion revenue
- Daimler Trucks North America's Portland headquarters
- Dozens of smaller tech firms and startups
Why doing business in Oregon is getting harder (spoiler: it's not just the rain)
Here's where things get less rosy than a Portland sunset. Oregon's business climate rankings have taken a nosedive faster than a tourist trying to pump their own gas.
The rankings that hurt
CNBC's 2024 analysis ranked Oregon 48th for business friendliness, plummeting from 21st place just one year earlier. That's like going from varsity to barely making JV. The Tax Foundation places Oregon 30th overall for tax competitiveness, with particularly awful marks for corporate taxes (49th out of 50).
Angela Wilhelms, CEO of Oregon Business & Industry, doesn't mince words: "Oregon is expensive to live in and do business in, with a regulatory environment that hampers innovation." When business leaders start sounding like your cranky uncle at Thanksgiving, you know there's a problem.
The housing crisis nobody can afford to ignore
Oregon's housing situation makes finding a reasonably priced apartment feel like winning the lottery, except the lottery ticket costs $502,200 (the median home price). The state needs 555,000 new housing units over the next 20 years, requiring an 80% increase in annual construction to 36,000 homes.
The construction industry alone needs 13,000 additional workers just to address the housing shortage. It's a classic chicken-and-egg problem: we need more housing for workers, but we need more workers to build housing. Someone call M.C. Escher; he'd love this paradox.
Brain drain and workforce woes
The tech sector reports that 48% of leaders struggle with overworked teams and retention issues. Multnomah County is experiencing net outmigration, which is a fancy way of saying people are leaving faster than a vegan at a barbecue festival.
State Chief Economist Carl Riccadonna delivered this cheerful assessment: "Oregon has entered a 'manufacturing recession.'" Between October 2023 and 2024, meaningful job growth occurred only in private healthcare and government sectors. Apparently, the only growth industries are fixing people and fixing problems.
The silver linings in Oregon's very cloudy sky
Before you pack up and move to Texas (where you'd have to pump your own gas anyway), Oregon maintains some serious advantages.
No sales tax still matters
Oregon remains one of only five states without sales tax, which simplifies operations and provides pricing advantages. Sure, this benefit has diminished as more states adopt online sales tax rules, but try explaining to a Californian why their new iPhone costs exactly what the price tag says. Their minds will be blown.
Green energy leadership
With 62% of electricity from renewable sources and goals for 100% clean electricity by 2040, Oregon appeals to sustainability-focused corporations and workers. We're basically the Prius of states, but with better beer.
Geographic goldmine
Oregon's position between California and Washington markets provides strategic value, especially with Portland's port facilities enabling Pacific Rim trade. The state ranks 9th nationally in per-capita export value, proving we're good at sending things away… just not our housing prices.
Education and innovation clusters
With 66 colleges and universities within 100 miles of Portland, Oregon produces talent like it produces rain: consistently and in large quantities. The state's industry clusters in semiconductors, athletic apparel, and craft beverages create specialized ecosystems that are hard to replicate elsewhere.
What's next for Oregon business?
The future of Oregon business looks like a Trail Blazers season: some promising talent, significant challenges, and fans hoping for the best while preparing for disappointment.
Federal funding bonanza
The CHIPS Act represents a generational opportunity for Oregon's semiconductor industry. With Intel's $36 billion investment leading the charge and state matching funds of $200 million, Oregon could solidify its position in this critical industry. Governor Tina Kotek describes the economy as "strong" but acknowledges the need for "urgent and focused interventions," which is political speak for "we've got work to do, folks."
Small business surge
Despite big business challenges, small business is booming. Oregon saw 180,000 new business applications filed in the past year, with women starting businesses at double the rate of men. With 99% of Oregon firms qualifying as small businesses and 16 incubators/accelerators in Portland alone, the entrepreneurial spirit remains strong.
Quality of life paradox
Here's the weird part: despite all the challenges, CNBC still rates Oregon 6th nationally for quality of life and 9th for technology and innovation. It's like being voted "most likely to succeed" while flunking economics class.
The bottom line (because every article needs one)
Oregon's largest businesses reflect both the state's incredible potential and its mounting challenges. Nike, Intel, and other giants provide economic anchors, but their recent struggles with layoffs and market pressures illustrate broader concerns. Emerging companies like Dutch Bros show Oregon can still brew up success stories, yet that 48th ranking for business friendliness is harder to swallow than gas station coffee.
The convergence of federal semiconductor investment, sustainability leadership, and quality of life advantages creates opportunities for growth. But Oregon must address its housing crisis, regulatory burden, and workforce challenges, or risk watching its best businesses and brightest minds head south… where they'll have to pump their own gas like savages.
The state's economic future depends on leveraging unique strengths, from renewable energy to outdoor culture, while removing barriers that drive companies elsewhere. Because at the end of the day, all the craft beer and food carts in the world won't matter if nobody can afford to live here to enjoy them.
Oregon business isn't dead; it just needs a strong cup of coffee and maybe some regulatory reform. Good thing we've got plenty of the first one.
