Anyone can look at the challenges we face in developing local businesses and advancing the economy -- and be defeated by them. But there are too many examples that our local economic engine is running and ready to run down the tracks to stay pessimistic for long. So, with my apologies to David Letterman, here are my "Top 10 reasons to be optimistic about the economic future":
1. Local companies are thriving.
- Companies such as Bulk Handling Systems, Springfield Creamery, Western Pneumatics and other manufacturers are growing in our market.
- Enterprise Rent-A-Car doubled its downtown location to 275 employees, and it will soon reach 300 employees.
- Seneca Sawmill Company will launch plans for a $45 million electrical co-generation facility after receiving final regulatory approval.
2. The medical sector continues its dynamic growth.
- PeaceHealth, Oregon Region, continues to make capital investments in our area and has plans for more.
- A new regional veterans hospital ($82 Million) is in the works.
- Projections for the Oregon State Hospital Replacement Project in Junction City value it at $182 million.
- The two local chambers of commerce, two city governments, two hospitals, the University of Oregon and Lane Community College (LCC) are joining forces to explore ways to accelerate the growth of the medical sector in our region.
3. Lane Community College is taking a major step forward.
- Broad community support for a local bond measure will allow LCC to continue its critical contribution to workforce training. The $82 million capital project will strengthen the institution’s role in driving the region’s economic recovery while providing the shorter-term benefit of new construction.
- It may be possible to leverage the $82 million with another $8 million in capital from the $176 million Oregon economic stimulus package.
- Prospects are high for a new $27 million downtown center.
4. The University of Oregon keeps the local economy running.
- In fiscal year 2007-2008, the university generated an estimated $1.5 billion in direct and indirect expenditures. For every $1 the university received in state taxpayer support, $20 was pumped into the state's economy.
5. Eugene will forever be known on the world stage as Track Town, USA.
- The perfectly executed 2008 U.S. Olympic Track & Field Trials and the USA Track and Field Championships cemented our reputation as "Track Town, USA … Forever," and positioned Eugene as a logical host for major track-and-field meets in the years to come.
6. EWEB’s relocation creates new opportunities for downtown Eugene.
- A new Eugene Water & Electric Board operations center in west Eugene will inject more than $83 million dollars into the local economy.
- The move has prompted redevelopment plans of EWEB’s existing 27-acre site on prime riverfront property in downtown. Rowell-Brokaw Architects and a community advisory team are leading the effort to create a master plan.
- EWEB is also stimulating the local economy with projects such as the Leaburg Dam fish passage ($11 million), the re-licensing of the Carmen/Smith facilities ($135 million) and the eventual conversion of approximately 75 downtown properties from steam to an alternative energy source.
7. Expansion of retail centers establish Eugene as a shopping hub of the southern Willamette Valley.
- The Coburg Road corridor saw a flurry of activity beginning with the redevelopment of Coburg Square (on the northeast corner of Coburg and Willakenzie Roads) and continuing with the construction of Coburg Station and Uptown Plaza. In all, more than 45,000 square feet of retail space was built, with the potential for more than a dozen storefronts.
- Development continues at Crescent Village, and Nike’s move to Oakway Center set plans in motion at the Fifth Street Public Market for an upscale inn with amenities unlike any other offered in the area.
8. Entrepreneurial development has new momentum.
- Dynamic new ventures in Eugene/Springfield such as Floragenex, TakeShape Inc., Arcimoto, Sunburst, MitoSciences and Dune Sciences are the foundation for tomorrow’s economy.
9. Where quality of life is concerned, our natural assets have received national attention.
- Eugene/Springfield earned a ranking on Forbes magazine’s "The Best Places For Business And Careers" list, and we earned third place in three population categories of the "Next Cities" report that surveyed young professionals 20-40 years old for their best places to live and work.
10. Interest in economic development continues to grow.
- It’s summer, and rays of hope shine through the fog of economic challenges. Gray Northwest skies always give way to infinite sunshine in summer. These economic storm clouds, too, shall pass, and our business community will emerge from its solid grounding, ready to grow and yield a bounty.
Our diverse local economy is supported by a number of industries, and because we support businesses of all types and sizes, we are an attractive destination for the kinds of innovative companies that do well in challenging economic times.