2014 Economic Summit - Oklahoma Department of Commerce

Help…I Can’t Get Myself Out Of This Box I’m In!Creating Powerful Economic Strategies For the 21st Century

The Situation

• Hyper-Competitive Marketplace• Money Walks• Adjusted Gross Income Evaporates• States Are Moving Fast• Oklahoma is “Sandwiched”

The Situation

• A Reluctant Taxpayer• Low Trust In Politicians• Deferred Maintenance or Lost Infrastructure

Opportunity• The Foundation Deteriorates Damaging

Competitive Advantage

The Situation

• Tax Structure Impacts Revenue Streams• Online Sales • Accelerates Community Erosion

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

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

The Situation

• Mindset – “But Larry, My Community Is Different”

Economic Development Strategies

• Create a “Magnet”

• “Buy” The Business

• The Oklahoma Model

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

The Magnet – Leadership Matters

• Governor Fallin – Spot On

• Need…Courageous Legislative Leaders

Out Of The Box Strategies

• Identify• Attract• Qualify• Process• Convert• Sustain

“Out Of The Box” Strategies

• Your Unique Selling Proposition• The Ideal Client• Preparedness & Site Readiness• Niche To EcoSystems

Your AreaCreating Powerful Economic Strategies For the 21st Century

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

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

Norman (Cleveland County)

• Transportation & Distributiono 2,640 jobs in 2013o $54,000 avg. earnings in 2013o 12.9% projected growth from 2013-2020

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

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

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

Summary

• Challenges – Understand What We’re Up Against• Opportunities• Jump Out Of The Box• Multiple Marketing Strategies• Niche• Get Ready• Close Hard