Business Briefs (Week of Oct. 23)
Monday, October 23, 2023
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Looking for business briefs? This week's roundup (for the week ending October 23) from The Journal Record.
The Journal Record announces 2023 Woman of the Year
Patti Davis, president of LifeCare Health Services, is The Journal Record’s 2023 Woman of the Year. Davis, along with the other 50 Making a Difference honorees for 2023, was honored by more than 500 attendees at a gala event at the National Cowboy and Western Heritage Museum in Oklahoma City.
OKC aerospace company lands US Air Force project
A local aerospace company specializing in uncrewed aircraft software has been awarded a contract to develop a system for the U.S. Air Force. Vigilant Aerospace Systems was founded in 2015 in Oklahoma City to create autonomous safety systems for emerging air taxis, advanced air mobility aircraft and uncrewed aircraft systems, a term the National Oceanic and Atmospheric Administration uses to describe flying drones. The company announced it's been awarded a contract by the U.S. Air Force to develop a detect-and-avoid system for the Air Force’s new long-endurance drone.
New service priority emerges in annual survey of OKC residents
The annual survey of residents’ satisfaction with city services shows their top concerns remain mostly unchanged from past years with one exception. High priorities for improvement cited by residents were street conditions, traffic flow, code enforcement, public transportation and – for the first time – police service. This was largely due to safety concerns related to homelessness in downtown, said Chris Tatham, CEO of ETC Institute, who presented the annual survey results to the Oklahoma City Council. Councilwoman JoBeth Hamon cautioned against the idea that the common-sense response to homelessness is more police presence.
Fed energy survey reflects expectations for half-year
Energy producers surveyed recently in Oklahoma and across the region reported a decline in activity in the last quarter but expectations for some pickup over the next six months. That’s according to the most recent energy industry survey conducted by the Kansas City branch of the U.S. Federal Reserve. Among other things, industry leaders in the district said that oil prices needed to be at $64 per barrel on average at least for drilling to be profitable and at $90 per barrel for the region to see any substantial increase in drilling. Natural gas prices need to be at $3.45 per million Btu (British thermal units) on average for drilling to be profitable and at $4.36 per million Btu for drilling to increase substantially.
Experts offer advice – and warnings – to legislators on AI
With the increased prevalence and acceptance of artificial intelligence, legislators held an interim study to learn about the effects of the tech revolution and what guardrails other states have implemented. Legislators heard from experts in the field of AI who generally held the position that the emerging technology can be used in an augmented fashion to advance industries in the state. They also gained insight into what lawmakers in other states have passed to rein in AI.
Survey: Workforce shifting to employer market
U.S. employers are planning smaller pay raises and fewer promotions in 2024 compared to this year as the job market favoring employees shifts. The job market is moving from two openings per job-seeker to a more balanced status as the Federal Reserve’s actions to cool down the economy are working, said Travis Roach, chair of the department of economics at the University of Central Oklahoma. Workers have used their power to leverage flexible schedules and pay raises, but 2024 will bring an equilibrium to the employer-employee dynamic, Roach said. A recent ResumeBuilder survey shows three-quarters of business leaders believe it already has shifted to an employer market.
UCO to offer doctoral program in forensic science
The University of Central Oklahoma, already a leading institution in the United States in preparing students for careers in forensic sciences, announced that it will offer a Doctor of Science in forensic science, the first-ever doctoral degree offered by the university. Housed within UCO’s W. Roger Webb Forensic Science Institute, classes for the new program will begin in the fall of 2024, the university said in a release.
Oklahoma leaders refining workforce pipeline strategy
Workforce leaders are coordinating to develop targeted programs that reshape the state’s workforce and increase labor participation. The Oklahoma Employment Security Commission, the Department of Rehabilitation Services and CareerTech, three partners funded by the federal Workforce Innovation and Opportunity Act, are implementing a coordinated delivery system to refine the workforce pipeline following the passage of recent legislation.
As temperature drops, heating costs likely to stay flat
Winter heating prices for U.S. households are expected to remain flat or decrease this year, depending on the heating fuel households use and where they are located, according to the U.S. Energy Information Administration forecast released Oct. 11. Oklahoma Natural Gas customers can expect lower bills compared to last year, Public Relations Manager Chad Previch said.
Ticket sales reflect rise in excitement for Thunder, ’23-24 season
The Oklahoma City Thunder has rumbled to the lead among NBA teams when it comes to percentage increases in ticket sales gauged so far this season. According to StubHub, leading up to Tuesday, Oklahoma City’s NBA team had witnessed a 240% increase in cumulative StubHub ticket sales for the 2023-24 season as compared to sales up to the same point ahead of the 2022-23 season.
Real estate firm secures financing for OKC 577 project
A California-headquartered commercial real estate firm announced the arrangement of $29.9 million in construction financing for the development of a speculative industrial property in south Oklahoma City. Institutional Property Advisors, a division of Marcus & Millichap, which specializes in capital market services for major private and institutional clients, worked on behalf of two large Oklahoma City-based commercial real estate firms, Gardner Tanenbaum and Robinson Park Investments. The property is located in OKC 577 business park, which encompasses 581 acres with a future build-out of 7.2 million square feet that includes corporate headquarters, 45,000 square feet of retail space, distribution centers and manufacturing uses.
Businesses key to success for OKC Public Schools' workforce initiative
Oklahoma City Public Schools is relying on partners in the business community to make the district’s new workforce development initiative a success, Superintendent Sean McDaniel and others said during a forum hosted by the Greater Oklahoma City Chamber. The comprehensive plan – funded through the historic $955 million bond issue voters approved last November – combines academic learning and practical experiences to prepare students to thrive in their chosen career.
UPS to open $40M facility in northeast OKC
UPS plans to open a new multimillion-dollar, small-package handling facility this month in northeast Oklahoma City. The more than 180,000-square-foot, automated facility, located at 8825 N. I-35 Service Rd., represents a capital investment of $39.6 million by UPS. It will be more efficient by a third than older facilities in the area and will enable the movement of 10,000 packages per hour, according to a company release.
OU project aims for more efficient, sustainable energy future
The University of Oklahoma has been assigned an important role in developing new technology to benefit the environment while at the same time improving energy storage efficiency. The U.S. Department of Energy recently asked OU to take the lead in a project to pioneer a new generation of “reversible electrochemical cells.” The cells have potential to revolutionize energy storage by integrating seamlessly with fossil fuel assets, OU said in a news release. For the project, researchers at OU will collaborate with colleagues at Kansas State University.
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