Greater Oklahoma City is in the geographic center of North America equidistant from the east and west coasts and major trade partners of Canada and Mexico. The ten county region is at the crossroads of the U.S., sitting at the heart of three major national highways on the NAFTA corridor.
There's a reason Greater Oklahoma City is such a great place for business: Location. The ten county region is positioned within a day's drive of the rapidly-growing south-central region (OK, TX, AR, LA) projected to grow more than 44% during the next 25 years.
"The great thing about Oklahoma City is that it is large enough to support and promote new business, but is 'small' enough to give entrepreneurs an invaluable network of scientific and business professionals."
- Jay Martin, Director, Advanced Systems Group, OrthoCare Innovations
Normally we use this space to offer up examples of investment success.
But given the crises that local governments have been facing, — including declining tax rolls, rising demand for services, and widening budget gaps – we decided to shine the spotlight on a city that is defying the national trends.
So hats off to Oklahoma City.
Known to many Americans as the site of the worst act of domestic terrorism before Sept. 11, the capital city of Oklahoma is rebranding itself with its economic success.
In the midst of a weak national economy, the city is experiencing job growth, a stable housing market, and increased infrastructure spending.
We spoke with the Republican mayor of Oklahoma City, Mick Cornett – serving his third term in office – about the conditions that contribute to the community's success. Let's hope that other local political leaders can learn something from Cornett's words.
Barrons.com: Starting with the labor situation, unemployment in Oklahoma City is about three percentage points lower than it is for the national average. How have you done it?
Cornett: It's 6.4%. We've been No. 1 [among cities] in 12 of the last 19 months. We have a huge amount of entrepreneurial activity. And the job creators — the entrepreneurs — are successful, because we have created this incredible quality of life. So the young and highly talented and educated 20-somethings are not only starting in Oklahoma, but they are actually moving here from California and Texas and other places.
So, if a job creator comes to Oklahoma City there is a talented workforce to grow their business. And there is just a very healthy economy in general. If you were to walk into the city today, you would see an amazing amount of construction, more construction then probably in a hundred years.
There is a skyscraper going up right across the street from City Hall. It sends a message of vitality to our citizens. Our own sales tax revenue is up over 10% the last two months. That's partially because 2009 was so lousy. But the other part of it is that it feels like the recession is over here.
Q: If people who aren't familiar with Oklahoma City thought about the employment base, they'd think, ''As goes the energy market, so must go Oklahoma City.'' But the fact is, there's a more-diversified base of employers than that.
A: That's right. In the 1980s we were very reliant on the energy industry, and we saw what happened. It started with the Penn Square banking scandal that went under. The energy