Business Briefs (Week of Nov. 17)

Looking for business briefs? This week's roundup (for the week ending November 17)

Thanksgiving dinner will cost less this year, survey says
A traditional Thanksgiving dinner prepared at home this year will be the second-most expensive in the 38-year history of the American Farm Bureau Federation’s annual survey. The Thanksgiving feast for 10 will cost $61.17, or approximately $6.12 per person, compared to 2022’s record-high $64.05, according to the survey. According to the AFBF, the 4.5% reduction is driven by a decline in the price of the Thanksgiving dinner centerpiece – the turkey. Despite the year-over-year relief, the cost of the meal remains 25% higher compared to 2019, before the COVID-19 pandemic. 

Credit-card debt rises with holidays around corner
Americans owe a record $1.08 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. Credit-card balances spiked by $154 billion year over year, the New York Fed found. Credit-card users aren’t like to slow down in the fourth quarter, also known as holiday shopping season.
 
Innovation economy could supercharge Oklahoma’s potential
Technology-focused organization and initiative leaders spoke to state representatives about opportunities, strengths and weaknesses of the state’s innovation economy. In an attempt to better understand the state’s needs to diversify and attract new business to the state, state Rep. Brian Hill, R-Mustang, and the business and commerce committee heard from speakers about the recent growth of Oklahoma’s tech-based ecosystem.
 
Oak development lures retailers from Penn Square Mall
Oak, the 20-acre mixed-use district being developed at Northwest Expressway and Pennsylvania Avenue in Oklahoma City, is bringing several new-to-market brands to town. Two of the latest retailers announced, however, are coming from Penn Square Mall on the street corner opposite the development. Ryan McNeill of Veritas Development said Nov. 2 that Williams Sonoma, Pottery Barn and Tommy Bahama Marlin Bar are joining the retail mix at Oak. Williams Sonoma, a high-end cookware and kitchen accessories store, and Pottery Barn, a casual home furnishings and decor store, both have been tenants of Penn Square Mall.
 
Home price inflation vastly outpaces income growth
A new study has shown that home prices across the country, including in Oklahoma City, have increased in recent decades at a pace far faster than income. Buying a home should cost about 2.6 times what the average American makes in a year, according to financial experts cited in the study from Home Bay, an online publication owned by Clever Real Estate. But in today’s market, a median-priced home would cost 5.8 times the median household income. That ratio isn’t quite so pronounced in Oklahoma City, which ranks among the most affordable big cities in the nation for real estate, but prospective homebuyers in OKC still face tougher financial realities than their parents or grandparents might have faced.
 
Legislators study Oklahoma housing shortage
Legislators received an update on the housing stability program and examined ways to further address the housing crisis in Oklahoma. State Rep. Daniel Pae, R-Lawton, and state Rep. Forrest Bennett, D-Oklahoma City, organized the study to explore the development of and access to affordable housing. They say the Business and Commerce Committee study will help them determine how to direct their focus with legislation pertaining to this ongoing issue in next year’s legislative session.
 
Edmond works on plugging historic water leaks
The historic high number of waterline leaks in the city has been cut in half since additional crews were hired in October to tackle the problem. Keith Stewart, director of public works, said the number was at 250 leaks and rising before the Edmond City Council approved a $500,000 supplemental appropriation to hire two contractors. Today, there are less than 125 leaks, Stewart told the council. The October supplement will pay for the contractors – each providing three work crews – through December, he said.
 
Company’s $30M expansion to add 300 jobs in Shawnee
A major expansion planned by an established manufacturer in Shawnee will bring as many as 300 new jobs to the community. Georg Fischer Central Plastics broke ground on a 150,000-square-foot manufacturing plant to complement facilities it already has in the Pottawatomie County seat. Company officials said $30 million will be invested in construction and in getting operations started at 41401 Wolverine Rd.
 
Regent Capital, VC partners plan to stoke state’s tech sector
Regent Capital Corp., the holding company for Regent Bank, has entered into a limited partnership investment agreement with two venture capital firms, Tulsa-based FortySix Venture Capital (46VC) and Oklahoma City-based Cortado Ventures. Goals of the partnership are to strengthen overall tech investment in Oklahoma and especially to fuel the growth of local and regional tech startups.
 
Chamber touts potential of new OKC arena
The Paycom Center has an estimated annual economic impact of $590 million in the state capital, according to a study released by the Greater Oklahoma City Chamber. The proposed new downtown arena could do more, officials said during a chamber forum. It would position Oklahoma City to attract concert tours and other large events “we aren’t considered for today” because the current arena lacks amenities, loading docks and other infrastructure demanded by many of the larger touring acts, Paycom Center General Manager Chris Semrau said. The new arena also would meet the increasing standards the National Basketball Association requires for arenas where its teams play, he said. Opponents of the funding plan held a news conference after the forum and stressed Thunder ownership should pay a larger share of the construction cost.
 
Canoo takes it one vehicle at a time
An electric vehicle startup’s new production facility in west Oklahoma City is now operational, producing one automobile per day. The first vehicles assembled at Canoo’s manufacturing facility were on display Wednesday inside its 630,000-square-foot plant as part of a batch in an agreement for up to 1,000 vehicles with the state of Oklahoma. The three lifestyle delivery vehicles, which will go to the Office of Management and Enterprise Services, were the first automobiles built in Oklahoma since 2006.  Canoo also announced Thursday that a California-based luxury and airport transportation service, Prime Time Shuttle, has opted to purchase hundreds of Canoo vehicles.
 
Norman entertains idea of using TIF for $1B development
The first hurdle in the path to a $1 billion entertainment development becoming a reality in northwest Norman has been cleared. The Norman City Council narrowly approved a resolution, 5-4, declaring the intent to consider approval of a project plan and creation of a tax increment financing district. Additionally, it establishes a review committee for the proposed entertainment district. Team Norman, a collaboration between University of Oklahoma, city of Norman and business organization leaders, announced a proposal in September to develop a mixed-use entertainment district, anchored by a multipurpose arena in the University North Park area between Rock Creek Road and Tecumseh Road.
 
Oklahoma Supreme Court keeps anti-abortion laws on hold
The Oklahoma Supreme Court reiterated its position in a 5-4 opinion that the state constitution guarantees a woman's right to an abortion when necessary to preserve her life, although the procedure remains illegal in virtually all other cases. In a case involving a legal challenge to five separate anti-abortion bills passed by the Legislature in 2021, the court ordered a lower court to keep in place a temporary ban on three of those laws while the merits of the case are considered. Two of the laws already were put on hold by a district court judge.