Business Briefs (Week of Dec. 1)
Tuesday, December 5, 2023
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Looking for business briefs? This week's roundup (for the week ending December 1) from The Journal Record.
Shoppes at Northpark celebrates 50th holiday season
Santa Claus and Christmas tunes are back at the Shoppes at Northpark, signaling the return of the most wonderful time of the year for the local businesses operating there. Oklahoma shoppers would be hard-pressed to find a retail outlet that embraces the holiday spirit more than the small, unanchored retail center, located on the southeast corner of May Avenue and NW 122nd Street.
Corporation Commission agrees with cap on utility increases
Residential customers of a Tulsa-based utility company will have a lower monthly bill beginning in January. The Oklahoma Corporation Commission unanimously approved Oklahoma Attorney General Gentner Drummond’s request for a 2.5% cap on a residential rate increase for Public Service Co. of Oklahoma customers that was granted earlier in November. The cap will reduce the planned increase for the average residential customer from $5.35 a month to $3.57 a month. When combined with a planned decrease in fuel charges, it is estimated the average PSO residential customer will see an average decrease of $13.51 per month.
Average rent in OKC falls to $1,188 per month
Rent prices declined in October for the second month in a row after six months of steady increases that began last February. October rents dropped 1.64% from September and 0.29% from this time last year, according to the latest report from Rent.com. The national median price is $1,978, the first time in five months it has been below $2,000 and the lowest price since April, according to the report. Across Oklahoma the median price is $993, down 5.4% year-over-year but up 3.37% from September. Oklahoma City rents declined by more than 8.5% year-over-year to $1,188, an increase of 3.62% from September.
Oklahoma Sports Hall announces 2024 inductee class
The Oklahoma Sports Hall of Fame has announced six inductees to join in the Hall next year. The honorees include Steve Davis, a football player to be inducted posthumously; Patty McGraw-Coatney, who excelled in golf; Mike Metheny, a baseball player; Ryan Minor, a multi-sport athlete; Roy Williams, a football player; and Shelby Wilson, a wrestler.
OKC ranks near bottom in affordability study
The state’s largest metro area ranks poorly on a new study examining the best cities for working households, but a local economics expert questioned the formula after examining it. The Ludwig Institute for Shared Economic Prosperity conducted analyses of the 50 most populous regions to determine livability for U.S. families, and Oklahoma City ranked 42. The nonprofit research group used a set of in-house metrics combined with other metro-specific data to create the rankings. After reviewing the study, University of Oklahoma Department of Economics Chair Greg Burge said it doesn’t use parameters that tap into how many economists would measure livability for families in an area.
Study finds high worker burnout in Oklahoma
According to a new study, Oklahomans suffer burnout more than people do in most other states. The study, released by personal finance website Wealth of Geeks, analyzed new 2022 data from the U.S. Bureau of Labor Statistics to find which states were working the most hours weekly and annually. While Texas took the top spot for most hours worked, Oklahoma was ranked in the top 10.
Universities confront nursing shortage
The nationwide nursing shortage continues, but the local outlook remains positive as universities ramp up efforts to reinforce numbers on the front lines. The University of Oklahoma and Marian University’s Oklahoma City campus have rolled out programming in the area to address a critical shortage of nursing care professionals. Oklahoma ranks 46th in the U.S. for nurses per capita, with just 7.5 nurses per 1,000 residents, according to the Bureau of Labor Statistics.
Strawberry Fields project stalls
The Strawberry Fields development, touted as a $1.5 billion mixed-use urban neighborhood just west of Oklahoma City’s Scissortail Park, has stalled. Phase 1 construction was expected to start in 2023, but a $16 million tax increment financing agreement fell through, and an Oklahoma Department of Securities investigation into developer Pat Salame’s management of Strawberry Fields is ongoing.
Chronic water leaks, mold shut down Norman library
The city of Norman says it will be paying the upfront costs associated with a comprehensive mold remediation project now underway at its Central Library, a $39 million facility that first opened only four years ago. The project also will include a wall-to-wall investigation of chronic water leaks that have plagued the library since its completion, city officials said. That work will require “deconstruction” of multiple portions of the building’s roof and façade, which consist of metal and glass. Investigators must take portions of the building’s exterior apart to identify water infiltration points throughout the structure.
Homeless Alliance takes sting out of winter with new shelter
A new overnight shelter with 300 beds should meet the demand for sheltering people and their pets on cold winter nights this year, a local advocate told The Journal Record. The Homeless Alliance opened the new shelter Nov. 15 one block from its WestTown Resource Center and day shelter. It will be open from 4 p.m. to 7 a.m. every night through March.
Oklahoma’s Filmmakers Ranch announces $500K expansion
Located just a few minutes east of downtown Oklahoma City in Spencer, Filmmakers Ranch already has an established reputation in the television and film industry, known to professionals connected to popular networks such as Hallmark and Lifetime and to major movie productions like Oppenheimer and Tulsa King. But an expansion made possible through a substantial new investment is about to make the production and post-production campus’s star shine just a little brighter. The expansion will involve two new production vendors – Apex Post Production, a full-service post-production company, and NGP Film, Oklahoma’s largest film equipment rental vendor.
Oil prices could increase next year, expert says
A commodities expert believes oil production cuts from OPEC nations will support energy prices next year. Members of OPEC+, an organization that makes up nearly 40% of the world’s crude oil production, announced further cuts in oil production at its Thursday meeting. Just before the development Thursday morning, Francisco Blanch, head of commodities and derivatives research for Bank of America, said he anticipates oil demand growing by more than 1 million barrels per day in 2024 as emerging markets benefit from the end of the Federal Reserve's monetary tightening cycle. Blanch predicts Brent crude and West Texas Intermediate crude to average $90 and $86 per barrel, respectively next year, with OPEC and supporting countries continuing supply cuts.
Oklahoma ranks 11th among states with most financial distress
Oklahoma just missed making the top 10 in a new study of states with the most people in financial distress. The WalletHub report defines financial distress as having a credit account that is in forbearance or has its payments deferred, meaning the account holder is temporarily allowed to skip payments due to financial difficulty. Oklahoma came in at 11th with 5.58% of people having accounts in distress in October. The state was fourth for people searching “loans” online.
Company plans to refine lithium for EV industry in Tulsa
A company has announced plans to build a refining facility in Tulsa to provide high-demand lithium for use in the electric vehicle industry. The investment by Stardust Power should help address China’s dominance in the production of lithium, company CEO Roshan Pujari said. As planned, the Tulsa facility will have a production capacity of 50,000 metric tonnes per year of American battery-grade lithium.
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