Business Briefs (Week of Feb. 10)
Sunday, February 12, 2023
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Looking for business briefs? This week's roundup (for the week ending Feb. 10) from The Journal Record.
Drummond moves to remold AG's office
Gentner Drummond is renovating the Office of the Oklahoma Attorney General, both literally and figuratively. The ladders and utility buckets cluttering his workspace have not slowed Drummond’s pace during a whirlwind month in office. Since he was sworn in on Jan. 9, Drummond has issued a number of press releases in rapid fire, reversing the policies and positions of the previous attorney general, John O’Connor. In a one-on-one interview at the Oklahoma Attorney General's Office, Drummond said he wants Gov. Kevin Stitt to be successful, “notwithstanding the narrative to the contrary.” Drummond also seeks to be bridge-builder between the state and Oklahoma’s Native American tribes.
Legislation would require public vote on TIF districts
State Rep. Tom Gann, R-Inola, was not happy with the mysterious process state officials used last year in their attempt to lure a Panasonic battery factory to the state. Gann responded by filing bills to be considered during the 2023 legislative session that would prohibit state officials from creating tax increment financing districts without the knowledge and approval of the citizens affected by the proposed development.
Value of college degree playing out in state’s economy, workforce
An annual report from the Oklahoma State Regents for Higher Education shows the state’s public colleges and universities conferred 37,149 degrees in 2020-21. Nearly half were bachelor’s degrees. That number won’t support the state’s current and future workforce needs in high-demand occupations like health care, teaching, engineering and computer science, according to higher education Chancellor Allison Garrett. What happens if employers cannot find enough people with those college degrees? Intelligent.com surveyed 1,000 U.S. hiring managers on Jan. 26 and found many companies are eliminating degree requirements – mostly to increase the number of applicants for jobs that are difficult to fill.
Stitt agenda: 'Business-friendly, family-friendly' Oklahoma
Gov. Kevin Stitt gave his fifth State of the State address – the first of his second term – focusing on policies he claims would make Oklahoma the most business-friendly and family-friendly state in the nation. But the governor’s critics claim Stitt’s focus on tax cuts, school vouchers and transgender health care would drive away skilled workers and tank the state’s economy.
OKC Council election set
Voters in four Oklahoma City wards will cast ballots Feb. 14 to choose someone to represent them on the City Council for the next four years. The incumbents are running for reelection in Wards 2, 6 and 8, but Councilman David Greenwell – who has served as the Ward 5 representative for 12 years – is not seeking a fourth term.
Skydweller Aero demonstrates autonomous flight capacity
Skydweller Aero Inc., an Oklahoma City-based company developing solar-powered aircraft for defense and commercial industries, announced an important milestone reached in its quest to achieve “perpetual flight” of an autonomous craft. The company said tests concluded initial validation of Skydweller’s transformation from a piloted vehicle to a redundant fly-by-wire, or FBW, system flown from takeoff to landing without any pilot input.
Purina to acquire pet treat factory in Ottawa County
Nestlé Purina PetCare announced plans to acquire an Oklahoma production facility of Red Collar Pet Foods. Since 2018, Red Collar’s site in Miami in Ottawa County has made private-label and contract pet treat products for national distribution. In a release, Purina said the Oklahoma site will be its 22nd owned and operated facility and will expand its capabilities for developing and producing dog and cat treats.
Food bank expects rising need as extra SNAP assistance expires
Some extra financial help that many Oklahomans have received during the pandemic is due to expire soon, and the Regional Food Bank of Oklahoma said that it’s expecting to see a corresponding rise in need. The federal government started providing people with extra help to meet food needs in March 2020. For people receiving Supplemental Nutrition Assistance Program benefits, it usually amounted to anywhere from $55 to $255, depending upon their income and household size.
Report reveals road rankings; state merits No. 14
While roads replete with ruts, rough patches and bone-rattling bumps aren’t uncommon in Oklahoma, the state compares rather favorably to others when it comes to conditions of highways and other main thoroughfares. At least that’s the assessment of researchers at Construction Coverage who recently took a deep dive into data gathered by the U.S. Department of Transportation Federal Highway Administration to determine which states in the nation have the worst roads and which fare better. They determined that Oklahoma merits a No. 14 ranking for the quality of its major roadways – identified as interstates, freeways and expressways, other principal arterials, and minor arterials.
Behind the scenes, a small army of local workers
Cirque du Soleil’s touring performance of “Corteo” brought the grace and power of acrobatic theater that audiences have come to expect to Oklahoma City. What might be unexpected is the number of jobs the show also brought to the city. Michael Veilleux, senior tour director, said 80 to 100 local stagehands would work Wednesday to “load in” and set up lighting, sound and rigging equipment for the show. The equipment arrives in 21 trucks that also carry sets, costumes and props. Hiring is handled by the performance venue – in this case, Paycom Center – and wages depend on the local market, he said. The workers would return Sunday to break down the equipment and load everything into the trucks. Altogether it’s about 15 hours of work. The touring circus also hires truck drivers locally to complement the four truckers who travel with the show from city to city, he said.
OKC adjusts to new reality: Slowing tax revenue
The economic outlook for 2023 signals a return to reality after a year of unprecedented Oklahoma City sales tax collections. January’s sale tax report showed general fund sales tax collections were 0.4% less than the same month last year – the first decrease in year-over-year collections since April 2021. The city staff has begun working on the budget for fiscal year 2024, which begins July 1. The new budget probably will be based on a conservative growth estimate of between 1% and 2%, City Manager Craig Freeman said.
State tallies record revenue, but treasurer advises caution
In his first report on state tax revenues, new Oklahoma Treasurer Todd Russ issued a note of caution, despite collections over the past year totaling nearly $2 billion more than those collected during the previous 12-month period. In his report, Russ said higher interest rates, triggered by inflation, have affected Oklahoma’s economy in recent months, which has resulted in some slowdown in revenue collections. He also cited a recent business outlook report from Creighton University that indicated a potential for economic contraction in coming months.
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