Business Briefs (Week of Sept. 22)
Monday, September 25, 2023
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Looking for business briefs? This week's roundup (for the week ending September 22) from The Journal Record.
‘Cloud Trees,’ ‘Cloud Puncher’ to make Oak a local landmark
Partners involved in Oklahoma City’s Oak development have planned for art – including two sizable sculptures envisioned to capture the Western heritage of Oklahoma and the interplay between earth and sky – to add to the already unique 20-acre, mixed-use district rising at 5101 N. Pennsylvania Ave. An investment of some $2 million in art should add even more to the Oak’s stature as a local landmark, according to developer Ryan McNeil.
Venture capital firm to reach $110M in assets with latest seed round
Cortado Ventures announced that it has begun the final close of its oversubscribed $80 million seed Fund II. The Oklahoma City-based early-stage venture capital firm launched its second fund last year with the intent of bringing innovation and ingenuity to logistics and energy, life sciences and the future-of-work sectors. Seed Fund II brings Cortado’s total assets under management to more than $110 million in less than three years, making it one of the largest in the region and the largest venture capital firm of its kind in Oklahoma.
OKC workshop to prepare workers in skilled trades
A new workshop on the RestoreOKC campus at 2222 NE 27th St. will begin training people early next year in skilled trades that can lead to high-demand, good-paying jobs. The nonprofit community development organization will partner with Metro Technology Centers to offer the training needed for certifications in carpentry, plumbing, electrical, and heating, ventilation, and air conditioning, Director Caylee Dodson said. Job development is just one program Restore OKC offers in northeast Oklahoma City, an area with a high percentage of multigenerational poverty.
Study ranks Yukon as OKC's top suburb
A recent study ranks Yukon as the top suburb in Oklahoma City for first-time homebuyers and one of the best in the U.S. Analysts with Today’s Homeowner looked at more than 580 suburbs located outside 78 of the largest cities in the U.S., ranking them on affordability and quality-of-life factors. Yukon comes in at 30 and is Oklahoma City’s top suburb in the rankings.
How the UAW strike will affect auto industry
The United Auto Workers strike that began Sept. 15 is unlikely to affect the industry or consumers in the short term but could result in significant changes down the road, local expert Hugo DeCampos said. The union is seeking big raises and better benefits from General Motors, Ford and Stellantis. They want to get back concessions that workers made years ago when the companies were in financial trouble.
Growing brewery scene drives OKC's ranking as beer destination
Oklahoma City ranks prominently on a list of the best cities for beer in the U.S. Real estate agent matching service Clever conducted an analysis to determine the top 50 beer scenes in the country, and Oklahoma City comes in at No. 11 in the most recent rankings. According to the findings, a beer in Oklahoma City costs an average of $3.68, a dollar cheaper than the national average of $4.78. That’s the second-cheapest beer price behind only Detroit. The city’s rapidly growing brewery scene helped bolster its ranking on the list.
OKC film incentive projects spend $102M in first year
The Oklahoma City Film & Creative Industries Office has much to celebrate in its first year of operation. More than $102 million in direct dollars was spent on productions in Oklahoma City from July 1, 2022, through June 30, Executive Director Jill Simpson said. The Oklahoma City Council voted in September 2022 to provide $750,000 in economic development funds over three years to the Greater Oklahoma City Chamber to establish and operate an office to promote and support the emerging film industry.
National company acquires large OKC-based engineering firm
A design and consulting firm with a coast-to-coast presence announced its acquisition of Oklahoma City-based engineering firm EST. WSB, headquartered in Minneapolis and one of the nation’s most rapidly growing architecture, engineering and consulting firms, announced its partnership with EST, which specializes in civil, transportation and traffic engineering, as well as bridge design, environmental, geotechnical, survey, construction management and materials testing. WSB called the partnership an effort to strengthen its presence in the southern and western U.S.
How OKC's child care 'crisis' is affecting workforce
Oklahoma City is facing a child care crisis that prevents parents from joining the workforce to support their families and impedes businesses trying to fill jobs. It costs the state $1.2 billion in lost earnings, productivity and revenue each year, according to a report and action plan released by the Greater Oklahoma City Chamber. The report was prepared by the Coalign Group and the Oklahoma Partnership for School Readiness.
OU to launch multidisciplinary sustainable energy systems program
A new program at the University of Oklahoma will offer students in various fields opportunities to learn about sustainable energy and drive research related to everything from social aspects of emerging energy systems to the future of design of energy-efficient buildings and infrastructure. According to a news release, a gift of $500,000 from the Mewbourne Oil Co. allowed for the launch of the multidisciplinary sustainable energy systems, or SES, program.
Roundtable tackles STEAM-skilled workforce challenges
As Oklahoma struggles to prepare, recruit and retain STEAM-skilled workers, business and state leaders on Thursday workshopped the challenge of solving that problem. The resounding question at the roundtable hosted by STEAM Engine, an Oklahoma City-based nonprofit that provides after-school STEAM programming, was how Oklahoma-based companies in the science, technology, engineering, arts and math fields can find workers with the skills necessary to fill needed roles. Participants in the quarterly panel believe addressing the issue takes a multifaceted approach that starts with K-12 education.
Inside the 'world's most advanced tahini factory' in OKC
A state-of-the-art manufacturing plant in southwest Oklahoma City with the capacity to process 4,000 pounds of sesame seeds an hour is being touted as the world's most advanced tahini factory and the largest in the U.S. Seeds ‘n Snacks opened the 18,216-square-foot facility to the public Thursday for tours and a grand-opening celebration. Tahini is a paste made from ground sesame seeds that is commonly used in Middle Eastern cuisine.
Tribe, Canoo partner to promote economy, green energy
The Pawnee Nation of Oklahoma has announced a partnership with electric vehicle startup Canoo to enhance job creation and economic development in northeastern Oklahoma and encourage the state’s green energy industry. Under the agreement, the tribal nation and EV company will work together to help people develop skills needed to get jobs building zero-emission vehicles and other jobs involving clean energy and technology. They’ll also partner in encouraging qualified suppliers of parts and services to invest in the state’s emerging EV industry. Additionally, they will work together in promoting science, technology, engineering and math education in schools to help connect Pawnee students and others with future employment opportunities in clean energy. The Pawnee Nation also will buy Canoo vehicles built in Oklahoma.
State tax collections trend downward, driven by GPT decline
While tax collections in Oklahoma in the 12 months that ended in August were up from revenues recorded during the previous 12-month timespan, recent data indicates a slowing state economy, according to a report issued by state Treasurer Todd Russ. A comparison of August 2023 collections to collections in August 2022 revealed a decline of nearly 9%, or some $122 million, Russ reported. Though individual and business income taxes were up for the month, along with retail sales and use taxes, a sharp decline was noted in gross production tax collections in August as compared to the same month in 2022.
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