Business Briefs (Week of Nov. 3)
Monday, November 6, 2023
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Posted by: Jen Gilliland
Looking for business briefs? This week's roundup (for the week ending November 3)
Report: Women entrepreneurship on rise in state
A new analysis shows one of the most dramatic economic shifts since the pandemic has been the surge in entrepreneurship driven largely by women. Among the top 10 metropolitan areas with a substantial increase in female entrepreneurs, Oklahoma City ranks second. The research is the result of economists at Gusto, a human resources platform, who have gathered data over several years to analyze the trend. From 2019 to 2023, the percentage of female business owners in Oklahoma City grew from 24% to 30%.
Manufacturing activity steady at best in state, region
Businesses involved in manufacturing in Oklahoma and across the wider region reported a “treading water” sort of environment headed into November, the U.S. Federal Reserve Bank branch in Kansas City said. The latest report on manufacturing in the Federal Reserve’s 10th District, which includes Oklahoma, reflected some decline in activity, especially by producers of durable goods, and expectations that productivity will remain stagnant at best at least in the short term.
Initiative aims to reduce health disparities through recruitment strategy
A new initiative by the University of Oklahoma Health Sciences aims to recruit and graduate medical students from underserved Oklahoma communities to reduce health disparities across the state. OU will receive $16 million over four years from the Health Resources and Services Administration of the U.S. Department of Health and Human Services to recruit medical students from tribal, rural and medically underserved communities with the goal that those students will return to practice medicine in their home communities.
Oklahoma continues climb as favorable tax environment
The state continues its trajectory toward a top-10 favorable business tax environment. Oklahoma gained four spots from last year in the 2024 State Business Tax Climate Index, now at 19th nationally for business-friendly conditions. The ranking from the Tax Foundation, a nonprofit tax policy organization, which considers tax policies and structures of all states, recognized Oklahoma for significant improvements in several key areas, improving its perception as a destination for investment, business expansion and economic development.
Company to move headquarters from Florida to Tulsa
A company specializing in heat transfer vinyl will relocate its headquarters from Jacksonville, Florida, to east Tulsa. Poli-Tape USA, a sales and logistics hub for Poli-Tape Group, a manufacturer of textile transfer films, digital printing media, plotter and laminating films and adhesive tapes for advertising and display lettering, which operates in Europe and North and South America, announced its planned move recently to 12322 E. 55th St. in Tulsa.
Work begins on first phase of $2B theme park project
Developer American Heartland broke ground in northeast Oklahoma on what will be the largest recreational vehicle park and campground in mid-America. It’s the first phase of a $2 billion theme park project HYPERLINK "https://journalrecord.com/2023/07/19/massive-2b-entertainment-destination-coming-to-northeast-oklahoma/" \t "_blank"announced in July. City and state officials joined project leaders for the ceremony marking the beginning of construction on the development east of Vinita and west of Grand Lake. Phase two will feature a 125-acre theme park – with a variety of rides, live shows, family attractions and waterways – and a 300-room hotel and indoor water park. The RV Park is scheduled to open in spring 2025, followed by the theme park and resort in fall 2026.
Michelin closure prompts Senate meeting on retention
The Oklahoma Senate Select Committee on Business Retention and Economic Development met to discuss Michelin’s closure and what can be done in the future to keep businesses in the state. The committee, formed in March after attempts to secure high-profile economic development opportunities were unsuccessful, heard from state and Ardmore-based business leaders to assess Oklahoma’s business retention strategies following Michelin’s announcement last month that it intends to wind down production at its plant in southern Oklahoma.
Firm’s new Tulsa office designed to showcase ‘future of work’
CBRE, which identifies as the largest commercial real estate services and investment firm in the world, has opened a new office in Tulsa designed especially as a showcase for the “future of work.” The new, nearly 9,900-square-foot office is located on the seventh floor of the Santa Fe Crossings building at 521 E. Second St. in downtown Tulsa. It was planned not only to replace CBRE’s previous Tulsa workspace at 1437 S. Boulder Ave., but also to be a showpiece for the company’s “Workplace360” initiative. According to a release, its “future of work” concept includes thoughtfully designed space, innovative use of technologies and a variety of features intended to support collaborative and hybrid working.
OKC business leaders gauge effects of DEI programs
Metro area-based business leaders discussed the integration and effects of a 21st-century term that is becoming a more prominent component of company cultures. Diversity, equity and inclusion programs and policies promote fair treatment for all walks of life, particularly those who have historically been marginalized and underrepresented due to their background, disability or identity. DEI and its effects were the topic of discussion at the monthly OKC Economic Roundtable at the Oklahoma City University Meinders School of Business. The term is a trending topic as it becomes increasingly common in workplace structures.
Edmond preps for holiday shopping rush
Christmas lights are going up on light poles in downtown Edmond ahead of Deck the Downtown, a new event that will take place Nov. 14 at the Festival Marketplace. Stephanie Carel, executive director of the Downtown Edmond Business Association, is optimistic about the holiday shopping season, which normally kicks off with Small Business Saturday. That doesn’t happen until Nov. 25, but people already are in the mood, Carel said.
Startup uses AI to innovate energy industry
A venture-capital-backed startup has developed AI applications for use in the energy industry to determine the cause of issues in the field and prevent corrosion and contamination. Senslytics, an AI framework that uses machine learning to avoid potential problems and save users millions, can reduce environmental risks and ultimately increase operational progress. The system uses artificial intelligence to determine underlying causes and effects of events, aptly named causal AI.
Construction on OKANA Resort reaches milestone
Chickasaw Nation leaders provided construction updates on the $400 million OKANA Resort & Indoor Waterpark at a topping-off ceremony for the 11-story hotel that is one of four major components of the development. Tulsa-based Manhattan Construction Co. is building the resort, which is expected to be completed in spring 2025. The site will be a tourism destination with OKANA and the First Americans Museum as side-by-side anchors for the new Horizons District.
Business Conditions Index reflects declining optimism
A recent report on business conditions in the Midwest reflects rising expectations that an economic downturn will befall Oklahoma and eight other states in the region in the coming year. The Creighton University Mid-America Business Conditions Index report showed that economic conditions remained above growth-neutral in October, but only barely, as the index score of 51.5 edged just above a growth-neutral score of 50.
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