2014 Economic Summit - Oklahoma Department of Commerce
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Transcript of 2014 Economic Summit - Oklahoma Department of Commerce
![Page 1: 2014 Economic Summit - Oklahoma Department of Commerce](https://reader036.fdocuments.us/reader036/viewer/2022062514/558c25a3d8b42a76758b461d/html5/thumbnails/1.jpg)
Help…I Can’t Get Myself Out Of This Box I’m In!Creating Powerful Economic Strategies For the 21st Century
![Page 2: 2014 Economic Summit - Oklahoma Department of Commerce](https://reader036.fdocuments.us/reader036/viewer/2022062514/558c25a3d8b42a76758b461d/html5/thumbnails/2.jpg)
The Situation
• Hyper-Competitive Marketplace• Money Walks• Adjusted Gross Income Evaporates• States Are Moving Fast• Oklahoma is “Sandwiched”
![Page 3: 2014 Economic Summit - Oklahoma Department of Commerce](https://reader036.fdocuments.us/reader036/viewer/2022062514/558c25a3d8b42a76758b461d/html5/thumbnails/3.jpg)
The Situation
• A Reluctant Taxpayer• Low Trust In Politicians• Deferred Maintenance or Lost Infrastructure
Opportunity• The Foundation Deteriorates Damaging
Competitive Advantage
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The Situation
• Tax Structure Impacts Revenue Streams• Online Sales • Accelerates Community Erosion
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The Situation
• Someone Turned On The Light• The Marketplace Has Detected A Problem• Workforce Inadequacies• Education System Stalemate• K-12 – Not Getting The Job Done• 40 Years Ago – High School Diploma – 80%• Today – High School Diploma – 25% ($25,000)• 75% Require Certificate, AA or BS
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The Situation
• 40% Of College Students Require Remediation• Jeff Immelt – On-Shoring…Key Q: “Will The
People And Technology Provide Us A Competitive Advantage?”
• Workforce – The Difference Maker in Growing A State’s Economy
• We Must Move Faster
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The Situation
• Mindset – “But Larry, My Community Is Different”
![Page 8: 2014 Economic Summit - Oklahoma Department of Commerce](https://reader036.fdocuments.us/reader036/viewer/2022062514/558c25a3d8b42a76758b461d/html5/thumbnails/8.jpg)
Economic Development Strategies
• Create a “Magnet”
• “Buy” The Business
• The Oklahoma Model
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The Magnet – Policy Matters
• Right To Work• Tort/lawsuit Liability Reform• Workers’ Compensation Reform• Tax Reform• Pension Reform• Education• Regulatory• Health Care• Right-Size Government
![Page 10: 2014 Economic Summit - Oklahoma Department of Commerce](https://reader036.fdocuments.us/reader036/viewer/2022062514/558c25a3d8b42a76758b461d/html5/thumbnails/10.jpg)
The Magnet – Leadership Matters
• Governor Fallin – Spot On
• Need…Courageous Legislative Leaders
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Out Of The Box Strategies
• Identify• Attract• Qualify• Process• Convert• Sustain
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“Out Of The Box” Strategies
• Your Unique Selling Proposition• The Ideal Client• Preparedness & Site Readiness• Niche To EcoSystems
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Your AreaCreating Powerful Economic Strategies For the 21st Century
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Norman (Cleveland County)
• Aerospace & Defense o 3,190 jobs in 2013o $58,500 avg. earnings in 2013o 16.2% projected growth from 2013-2020
• Agriculture & Bioscienceo 2,630 jobs in 2013o $49,700 avg. earnings in 2013o 24.1% projected growth from 2013-2020
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Norman (Cleveland County)
• Energyo 3,110 jobs in 2013o $70,100 avg. earnings in 2013o 18.8% projected growth from 2013-2020
• Information & Financial Serviceso 5,130 jobs in 2013o $62,100 avg. earnings in 2013o 22.3% projected growth from 2013-2020
![Page 16: 2014 Economic Summit - Oklahoma Department of Commerce](https://reader036.fdocuments.us/reader036/viewer/2022062514/558c25a3d8b42a76758b461d/html5/thumbnails/16.jpg)
Norman (Cleveland County)
• Transportation & Distributiono 2,640 jobs in 2013o $54,000 avg. earnings in 2013o 12.9% projected growth from 2013-2020
![Page 17: 2014 Economic Summit - Oklahoma Department of Commerce](https://reader036.fdocuments.us/reader036/viewer/2022062514/558c25a3d8b42a76758b461d/html5/thumbnails/17.jpg)
Norman Region (Counties in proximity to Norman)• Aerospace & Defense
o 27,330 jobs in 2013o $63,000 avg. earnings in 2013o 4.5% projected growth from 2013-2020
• Agriculture & Bioscienceo 23,910 jobs in 2013o $57,000 avg. earnings in 2013o 6.3% projected growth from 2013-2020
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Norman Region (Counties in proximity to Norman)• Energy
o 39,980 jobs in 2013o $108,100 avg. earnings in 2013o 17.8% projected growth 2013-2020
• Information & Financial Serviceso 45,610 jobs in 2013o $72,700 avg. earnings in 2013o 5.2% projected growth from 2013-2020
![Page 19: 2014 Economic Summit - Oklahoma Department of Commerce](https://reader036.fdocuments.us/reader036/viewer/2022062514/558c25a3d8b42a76758b461d/html5/thumbnails/19.jpg)
Norman Region (Counties in proximity to Norman)• Transportation & Distribution
o 41,170 jobs in 2013o $58,000 avg. earnings in 2013o 6.1% projected growth from 2013-2020
![Page 20: 2014 Economic Summit - Oklahoma Department of Commerce](https://reader036.fdocuments.us/reader036/viewer/2022062514/558c25a3d8b42a76758b461d/html5/thumbnails/20.jpg)
Summary
• Challenges – Understand What We’re Up Against• Opportunities• Jump Out Of The Box• Multiple Marketing Strategies• Niche• Get Ready• Close Hard