Business Briefs (Week of June 16)
Monday, June 19, 2023
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Looking for business briefs? This week's roundup (for the week ending June 16) from The Journal Record.
Carpenter Square Theatre makes a comeback
Carpenter Square Theatre is ready to welcome visitors to its new home following four years of challenges and perseverance. The nonprofit theater that has been part of Oklahoma City’s arts scene since 1984 has moved yet again, this time into a former warehouse at 1009 W. Reno Ave. The public is invited to come tour the new space and test the seats during an open house from 5 to 8 p.m. June 24. Carpenter Square will launch its 40th season in September, but first will present Picasso at the Lapin Agile, a play by Steve Martin, opening July 7.
Gen Z homeowners took advantage of low interest rates
Generation Z is tracking ahead of other generations for homeownership and two of the cities where houses are most attainable are in Oklahoma, according to a new report from Today’s Homeowner. A recent Redfin study found that 30% of 25-year-olds owned their home in 2022 – 3% more than their parents at the same age. Many Gen Zers took advantage of low mortgage rates to become homeowners. The typical mortgage rate for homebuyers under 25 using a conventional loan was 3.3% in 2020 and 3.1% in 2021, Redfin reported. They also benefited from a strong job market and double-digit wage growth thanks to the tight pandemic-era labor market, according to the study.
House votes to override tribal compact veto
The Oklahoma House of Representatives on June 12 took action on a vetoed tribal compact bill and extended the special session adjournment date through July. House Bill 1005X is one step away from becoming law, as the House voted to override one of Gov. Kevin Stitt’s May 31 vetoes. The bill would extend state compacts with tribal nations on motor vehicle registration fees through Dec. 31, 2024. The override vote passed 74-11, exceeding the two-thirds vote required and now goes to the Senate.
Poll may shape state’s workforce, business policies
While a clear majority of Oklahoma business leaders polled recently expressed optimism that the state is headed in the right direction, many also expressed concerns about the quality of the state’s workforce and their ability to recruit and retain people with skills needed to fill jobs. The poll, carried out by the State Chamber of Oklahoma and the Oklahoma Business Roundtable, also captured some interesting insights about remote work trends, thoughts of business leaders about taxes and government regulation, and about environmental, social, and corporate governance, or ESG, issues.
New president named to lead USAO
A new president has been named to lead the University of Science & Arts of Oklahoma in Chickasha. Kayla Hale was selected to serve as the 13th president of the liberal arts college. Beginning Aug. 1, she will succeed John Feaver, who earlier this year announced plans for retirement after serving as USAO’s president for the past two decades.
Edmond OKs paid parental leave for city workers
City employees will have paid parental leave benefits for the first time under a plan approved by the Edmond City Council. Beginning July 1, employees who give birth can take up to eight weeks of paid leave, as can employees who adopt a child. If a spouse or partner gives birth, the employee can take up to four weeks of paid leave. The council also voted to give all non-contract employees a 6% pay raise at a cost of $2.9 million.
Pool manufacturer celebrates new plant in Seminole
A New York-based company has formally opened a production facility for pools in Seminole. The Latham Group, which identifies as the largest designer, manufacturer and marketer of in-ground residential swimming pools in North America, Australia and New Zealand, celebrated the grand opening of its fiberglass manufacturing facility.
PlatePay rates to rise on Oklahoma's turnpikes
Driving on Oklahoma turnpikes is about to become more expensive for those without a PikePass. The Oklahoma Turnpike Authority this month approved rate increases of at least 75% for non-PikePass drivers on the Turner, Muskogee, Will Rogers and Indian Nation turnpikes. Rate increases come as cash pay systems are converted to the PlatePay system, a process that began in July 2021 with the Kilpatrick Turnpike in Oklahoma City. Under the new cashless pay system, a camera takes a picture of a driver’s license plate and sends the vehicle’s registered owner a bill.
OKC to find housing, offer services for 500 homeless
Oklahoma City will launch a program next month designed to strategically move 500 people from outside encampments into housing over the next two years and provide them the services they need to remain housed. The encampment housing initiative will cost about $24,400 per person or $12.5 million that is to be funded through a public-private partnership. The Key to Home Partnership – just one of the city’s programs to address homelessness – uses a new approach by going to where chronically homeless people live and connecting with them on a personal level, Assistant City Manager Aubrey McDermid said.
Multiple investments give Sapulpa new businesses, downtown appeal
Business starts and optimism have been on the rise recently in Sapulpa. Over the past several months, three new businesses have opened and several more are under construction. At the same time, investments made downtown and at attractions like Sapulpa’s Heart of Route 66 Auto Museum have sparked anticipation for continued growth and development in the town of about 22,000 just southwest of Tulsa.
Lawmakers question status of millions in education funds
Lawmakers are seeking answers regarding what could amount to nearly $100 million in education funding, including missing or misspent pandemic relief dollars and a failure to apply for grants. State Rep. Mark McBride, R-Moore, said state Superintendent of Public Instruction Ryan Walters may have neglected to apply for tens of millions of dollars in Title I grants. In total, McBride said he’s looking into the status of about $90 million to $100 million in federal competitive and formula grants, including Governor’s Emergency Education Relief (GEER) Fund dollars distributed to the state during the pandemic that may have been mismanaged.
Supreme Court ruling preserves Indian Child Welfare Act
The U.S. Supreme Court issued a ruling preserving a decades-old system that gives preference to Native American families in foster care and adoption proceedings of Native children, rejecting a broad attack from some Republican-led states and white families that argued the system is based on race. In a 7-2 ruling, the court left in place the 1978 Indian Child Welfare Act, which was enacted to address concerns that Native children were being separated from their families and, too frequently, placed in non-Native homes. Tribal leaders consistently have backed the law as a means of preserving their families, traditions and cultures.
Sooners to get Crimson Tide at home in ’24
The Oklahoma Sooners will play the Crimson Tide of Alabama at home in OU’s premiere football season in 2024 as part of the Southeastern Conference. The SEC revealed home and away game conference matchups for each football team in 2024, the first season in which OU and rival Texas will participate in SEC competition. Oklahoma is scheduled to play home games against Alabama, South Carolina and Tennessee. The Sooners will play away games against Auburn, Louisiana State, Ole Miss and Missouri. The annual matchup against the Texas Longhorns will remain in Dallas.
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