Whereas every large West Coast metro has at least one, Portland is notable in that it lacks a comprehensive powerhouse research university.
USNWR ranks 300 national universities ("which offer a full range of undergraduate majors, plus master's and Ph.D. programs" and "are committed to producing groundbreaking research"), of which 201 receive a rank and the remaining 99 are listed simply as "Tier 2" with no published rank. No metropolitan Portland university makes this ranking--Portland State University is simply lumped into "Tier 2." There are other kinds of schools, of course, and USNWR ranks them as well.
Among national liberal arts colleges ("which emphasize undergraduate education and award at least half of their degrees in the liberal arts fields of study"), Willamette University ranks #61, Lewis & Clark College and Reed College are tied at #74, and Linfield College comes in at #123.
Among Western regional universities ("which offer a full range of undergrad programs and some master's programs but few doctoral programs"), the University of Portland ranks #8 in the West, Pacific University ranks #20 in the West, and Concordia University ranks #80 in the West.
Among Western regional colleges ("which focus on undergraduate education but grant fewer than half their degrees in liberal arts disciplines."), Corban University ranks #6 in the West, and Warner Pacific College ranks #9 in the West.
The Oregon Health and Science University ranks well in medicine--#3 nationally for primary care, and #29 nationally for research. It also ranks #99 nationally for its graduate engineering program.
So the higher-ranked schools in metropolitan Portland focus on liberal arts and undergraduates, or medicine and graduate engineering--but that leaves something of a void in the middle. Portland State University really needs to up its game and become a better research institution. These smaller regional and liberal arts schools can make a notable impact on smaller communities, but they don't really drive metropolitan economies (unless they are present in proportionally huge numbers as in Boston and Philadelphia).
Since so many Portlanders were actually educated out of the area (expat Californians and Washingtonians, etc.) this doesn't appear to have been a major hindrance to Portland's growth--but it could in the future--and in any case, there's really no downside to having a top reasearch university in your city.