January 29, 2009 -- A new report, compiled by Southwestern Oklahoma State University and the Oklahoma Employment Security Commission shows the manufacturing sector is a vital component of Oklahoma\'s economy.
The report\'s findings include:
The report also finds manufacturing has the potential to have a substantial impact on Oklahoma\'s economy over the next 20 years:
Chad Wilkerson, a Federal Reserve regional economist, tells The Oklahoman the state\'s manufacturing is sometimes "an overlooked sector."
In Oklahoma, manufacturing produces the same economic impact that it does on the national level, says Wilkerson.
Click here to read the full report
Two-day Conference Will Address the Challenges Start-up Business Ventures Face
January 21, 2009 -- The first annual Oklahoma Department of Commerce entrepreneur\'s conference will offer entrepreneurs, investors, and companies, a broad range of networking opportunities, informational workshops, and presentations. Called Innovation Interactive: The Entrepreneur\'s Conference, the two-day conference will be held February 23-24 at the Embassy Suites Norman Convention Center. Register today!
Commerce Secretary Natalie Shirley says the goal of the conference is to bring together those interested in starting or growing a business and the service providers that can help them succeed.
Discussions will focus on an array of topics including: trends and tips for maneuvering a fluctuating economy; networking opportunities; strategy for both long range and daily business planning; tools and resources for starting or growing your business; direct access to professional and technical experts; and insight into the needs and challenges of entrepreneurs.
"This conference is packed with information and it is especially critical for those business owners needing answers and needing direction right now," says Shirley. "These experts will have sage advice on maneuvering through the current turbulent economy."
Shelli Todd, OKSTARTUP Entrepreneurship Center Director, says the sessions have been designed for burgeoning entrepreneurs to meet with advisors in the areas of finance, legal, marketing and management operations.
"We hope to provide Oklahomans critical knowledge and provide them an avenue to resources and tools they can utilize before beginning a new business venture," says Todd. "The right kind of networking, planning and financing, can help new entrepreneurs create a better business model and one that has a better chance to flourish."
January 8, 2009 -- A new law establishing tax credits for engineers going to work for Oklahoma companies as well as the companies that hire them is helping businesses take off.
The Aerospace Industry Engineer Work Force Bill, signed in 2008 by Gov. Brad Henry, is a useful recruitment tool for companies luring engineers from other states as well as home-grown engineers that are recent college graduates.
"Aviation is a historic, vital industry in Oklahoma, and it\'s important to do everything we can to make sure it continues to thrive and expand," says Gov. Henry. "As in any high-tech field, aviation and aerospace ventures demand the best, highest-skilled talent available in the world. We want those people in Oklahoma."
New Law Provides Tax Credits
The legislation extends tax credits of $5,000 a year for up to five years to engineers who are hired after Jan. 1, 2009. The companies hiring the engineers will receive a tax credit equal to 10% of the compensation paid to an engineer during the first five years of his or her employment if the engineer graduated from an Oklahoma college. If the engineer graduated from a college outside Oklahoma, the employer will get a tax credit equal to 5% of the compensation paid to the employee during the first five years.
In addition, the new law grants Oklahoma aerospace companies a tax credit in the amount of 50% of the tuition reimbursed to a new engineer graduate for the first four years of his or her employment. The tax credit is limited to 50% of the average annual tuition paid by an engineer at a public university in Oklahoma.
December 4, 2008 -- The Oklahoma Department of Commerce recognized Alva as a "Certified Work Ready Community" during a recent ceremony at the Woods County Courthouse. Oklahoma Department of Commerce Secretary Natalie Shirley praised the combined efforts of the city and its leaders to become the third community in the state to receive the work ready certification.
"The key to economic development in Oklahoma is workforce recruitment, training, and certification," Shirley says. "The Work Ready Community certification is a tool that will strengthen the pipeline of skilled workers in Oklahoma."
Launched by the Governor\'s Council for Workforce & Economic Development and Commerce, Certified Work Ready Communities quantify a communities\' skilled workforce to an existing employer or a new business considering Oklahoma for a new location. The program is one of the first of its kind in the country.
Norma Noble, Oklahoma Department of Commerce Deputy Secretary of Workforce Development, says every state in the nation is competing to attract industry and grow existing businesses.
"What it takes to compete effectively is a skilled and available workforce," Noble says. "Communities which earn Work Ready certification automatically gain a competitive advantage over non-certified communities because they can quantify a skilled workforce to an existing employer or a new business considering Oklahoma for a new location."
October 22, 2008 – Umicore recently broke ground in Quapaw on a $35 million factory that will make parts for solar panels. The new factory will add 50 high-tech jobs when it opens in 2010.
The new plant will produce a small part for high-efficiency solar panels that are used on satellites and other space objects, including NASA’s Mars Exploration rovers.
"There will be a lot of high-tech jobs in there. The facility is using quite a bit of high-tech equipment," Peter Dobbelaere, the Manager of Umicore\'s other Quapaw factory tells the Tulsa World.
Oklahoma Department of Commerce Secretary Natalie Shirley says Umicore picked Quapaw over other locations for its new facility because of Oklahoma’s highly skilled workforce.
"In selecting to expand in Oklahoma instead of Phoenix or Albuquerque, Umicore recognizes Oklahoma’s talented workforce, which is prepared to succeed in this high-tech arena of solar cell development," says Shirley.
October 10, 2008 -- The University of Central Oklahoma (UCO) is partnering with the Oklahoma Department of Commerce and others to create the Academy of Contemporary Music (ACM), or ACM@UCO. ACM@UCO is the first authorized U.S. version of Britain\'s prestigious Academy of Contemporary Music.
ACM@UCO will open in fall 2009 and be located in Oklahoma City\'s Bricktown in the Oklahoma Hardware Building. Scott Booker, Manger of the Oklahoma City-based rock band the Flaming Lips, will serve as the ACM@UCO\'s executive director.
"I\'ve always been incredibly supportive of trying to do what I can for the music industry here," says Booker in an interview with The Oklahoman. "I think it\'s good for the state to be seen as internationally minded."
The partnership with Britain\'s ACM will enable UCO to offer a range of hands-on learning experiences in the performance, production and business sides of the music industry. In the future, sponsorships from music industry businesses, including musical equipment manufacturers, are expected to lend additional support.
The first class will accommodate 150 students. Each student will be required to audition for acceptance with tryouts expected to begin in early 2009. Scholarships will be available for qualifying students.
October 8, 2008 -- The Oklahoma Department of Commerce recently launched a website dedicated to the agency\'s Boomerang campaign, an initiative to attract highly-skilled workers and bring talented former Oklahomans back home. The website is www.okboomerang.com.
Natalie Shirley, Secretary of Commerce and Tourism, said the Boomerang campaign, along with the website, is designed to recruit one of the state\'s greatest assets: home-grown talented Oklahomans.
"We want to attract highly-skilled professionals back to Oklahoma to fill high-quality, knowledge-based jobs. Expatriate talent can absolutely bolster key industries in our state," Shirley said. "We must use every tool available to find these folks, including an informative and engaging website."
Sheri Stickley, Commerce Deputy Director for Strategic Planning & Initiatives, said Commerce hopes the Boomerang campaign can connect Boomerang targets or former Oklahomans with employers and career opportunities across the state.
The Boomerang site features first-person testimonials, career information, job openings, housing data, and social and recreational opportunities.
October 7, 2008 -- The Oklahoma Department of Commerce recently updated its 2008 Oklahoma Business Incentives and Tax Information Guide to reflect the recent extension of the American Indian Lands Tax Credit.
The Emergency Economic Stabilization Act of 2008, signed by President Bush Oct. 3, 2008, extends the tax incentive through Dec. 31, 2009 for businesses locating on former Indian lands.
More than two-thirds of the lands in Oklahoma meet the Internal Revenue Service-qualifying definition of former Indian lands and qualify for accelerated depreciation.
Qualifying lands may include previous tribal land that may have been transferred to new ownership. For more information, contact the Oklahoma Site Selection Fast Forward Team, 1-800-588-5959.