Business Briefs (Week of Oct. 27)
Monday, October 30, 2023
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Looking for business briefs? This week's roundup (for the week ending October 27)
Leaders plea for peace, patience in OKC
Local Jewish and Muslim religious leaders made a plea for peace and understanding Tuesday during the Oklahoma City Council’s meeting. Rabbi Vered Harris of Temple B’nai Israel and Imam Imad Enchassi, senior imam of the Islamic Society of Greater Oklahoma City, addressed the council about the local impact of the war in Gaza.
$70M remodel of OKC Jim Thorpe Building underway
A three-year, $70 million remodel of Oklahoma City’s historic Jim Thorpe Building is underway. Quad Construction launched the renovation project on Oct. 23, marked by a groundbreaking ceremony outside the historic state building at 2101 N. Lincoln Blvd., where government officials and a legislator who secured the funding were present. The Capitol Office Building was constructed in 1938. It was renamed the Jim Thorpe Memorial Office Building in 1961.
Oklahoma leads nation in energy sector job losses
While Oklahoma continues to employ more people in the oil and gas industry than any state other than Texas, it has seen the nation’s biggest losses of jobs in the energy sector in recent years, according to a new report from the Oklahoma City Branch of the Federal Reserve Bank. Oklahoma’s 33% job loss since 2019 far exceeded the national average of 11%, the report reflects.
Home prices on decline in OKC metro
The average home sale price in the Oklahoma City metro area dropped $22,000 in the third quarter from $308,508 in July to $286,529 in September. MLSOK active listings grew from 12,658 in July to 13,092 in September. The number of available houses in the metro area has increased from two months of inventory last month to nearly three months currently, but it remains a sellers’ market, said Angelena Harris, MLSOK board president-elect.
White House names Tulsa among selected ‘tech hubs’
Tulsa was named among 31 new “tech hubs” selected across the country to potentially share in a federal investment of $500 million in innovative new technologies – and in much more in the way of private sector investment and job creation. An announcement of tech hub selections by the White House made Tulsa immediately eligible to apply for up to $75 million in implementation funding for its Tulsa Hub for Equitable & Trustworthy Autonomy, or THETA.
NIL initiative to benefit athletes at OU, nonprofits
A name, image and likeness initiative to help athletes at the University of Oklahoma capitalize on their talents also will benefit nonprofit organizations, supporters say. The NIL program was announced by the Sooner Nation Collective, an independent, not-for-profit corporation. Supporters gathered on Oct. 19 at an event featuring OU Vice President and Athletics Director Joe Castiglione, who discussed the collective’s first-of-its-kind Athlete Services Division and the importance of NIL in positioning student-athletes for success. Contributions to the Sooner Nation Collective help create opportunities for student-athletes to serve their community while earning flexible income, Castiglione said.
Oklahoma AG sues to stop nation’s first public religious school
Oklahoma's Republican Attorney General Gentner Drummond on Oct. 20 sued to stop a state board from establishing and funding what would be the nation's first religious public charter school after the board ignored Drummond's warning that it would violate both the state and U.S. constitutions. Drummond filed the lawsuit with the Oklahoma Supreme Court against the Oklahoma Statewide Virtual Charter School Board after three of the board's members this month signed a contract for the St. Isidore of Seville Catholic Virtual Charter School, which is sponsored by the Archdiocese of Oklahoma City.
Details emerge on metro OKC high-capacity transit project
The Regional Transportation Authority of Central Oklahoma has narrowed down the possible route for high-capacity transit from downtown to the western metro area to three route possibilities, with economic impact and equity for all income levels as its chief concerns in the refine phase. Route alternatives analysis continues for the agency, following public input in August on plan development for two corridors connecting downtown Oklahoma City to Will Rogers World Airport and the west part of the metro.
OKC lags in multifamily dwelling construction
Oklahoma City ranks last among major metros in the nation when it comes to its percentage of new residential construction dedicated to apartment complexes and other properties intended for multifamily occupation. That’s according to a new study by constructioncoverage.com, an industry watcher that examined U.S. Census Bureau statistics to gauge a national trend toward more multifamily residence construction.
New eatery eyed at popular Norman intersection
A Norman intersection located on a corridor commonly referred to as the gateway to the University of Oklahoma will add a Hal Smith Restaurant Group concept. The Norman City Council approved plans for a restaurant with a patio facing a major thoroughfare into the OU campus from Interstate 35. It’s the third attempt to develop the northeast corner of Lindsey Street and Berry Road.
Price College offers commercial space applications certification
As a reflection of rapid advancement and increasing opportunities in the commercial space sector, the University of Oklahoma’s Price College of Business has announced plans for a first-of-its-kind graduate certificate program in HYPERLINK "https://protect-us.mimecast.com/s/KgffCM8qElsqjYMBfwoZR2?domain=ou.edu" \t "_blank"commercial space applications. It’s set to launch in spring 2024. The college said the program should be ideal for business, aerospace, defense and engineering professionals interested in commercial aspects of space.
Officials break ground on Emerging Aviation Tech Center
An Emerging Aviation Technology Center planned for construction in southeastern Oklahoma should add to Oklahoma’s rising reputation as a hub for cutting-edge research, development, testing and evaluation of crewed and uncrewed aerial system technologies. The Choctaw Nation of Oklahoma broke ground on the planned state-of-the-art facility in rural Atoka County.
Edmond ensures property to remain a park
The decades-long campaign to save a green space south of E.C. Hafer Park came to fruition on Oct. 23 when the Edmond City Council approved documents to ensure the property will remain a “minimally developed natural area” public park. The property northeast of the Spring Creek Plaza retail center at Bryant Avenue and 15th Street was considered for several developments over the years. Residents in opposition blocked all development efforts and two years ago convinced voters to pass a ¼-cent temporary sales tax to purchase the 22-acre site.
Michelin to shut down production in Ardmore
Michelin, the largest employer in Ardmore, announced it plans to cease production there, citing a decreased ability to deliver tires at competitive costs. Michelin North America has notified employees, customers, community leaders and other public stakeholders that the company plans to discontinue tire production by the end of 2025, though rubber-mixing operations at the factory will continue. The decision affects close to 1,400 employees at the Ardmore plant, which has produced passenger tires since 1970.
Perry hospital to get renovation, new designation
Plans have been announced for a $13 million renovation at Perry Memorial Hospital, a facility that just a few years ago seemed in jeopardy of closing. In 2018, Stillwater Medical Center assumed control over the small hospital on a five-year contract. At just about that same time, residents in Perry, a town of about 4,500 in rural Noble County, voted by a margin of more than 80% to adopt a local tax to keep the hospital afloat. According to a release, interested stakeholders representing foundations, nonprofits, hospital systems, attorneys, accountants and city officials recently advanced a plan to help ensure the hospital’s long-term viability. The hospital also applied for the new federal designation of Rural Emergency Hospital and was approved to become the first in Oklahoma with that designation, which greatly increased its reimbursement rates.
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