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| Oklahoma Economic Development Authority | |
|---|---|
| Name | Oklahoma Economic Development Authority |
| Formation | 20th century |
| Type | public agency |
| Headquarters | Oklahoma City, Oklahoma |
| Region served | Oklahoma |
| Leader title | Executive Director |
Oklahoma Economic Development Authority The Oklahoma Economic Development Authority is a state-level public agency created to promote industrial development and job creation in Oklahoma City, Tulsa, and rural communities across Oklahoma. It works with municipal entities such as the Oklahoma Department of Commerce, regional authorities like the Tulsa Regional Chamber, and federal partners including the Economic Development Administration and the Small Business Administration to attract investment and support workforce development initiatives. The authority's activities intersect with major projects involving corporations such as Walmart, Boeing, Chick-fil-A, and Tesla, while engaging academic institutions including the University of Oklahoma and Oklahoma State University.
The authority traces origins to mid-20th century state efforts influenced by national programs like the New Deal and the Marshall Plan, responding to transitions seen in industries such as oil industry in Oklahoma, agriculture in Oklahoma, and manufacturing tied to companies like Phillips Petroleum Company and Kaiser Aluminum. During the 1960s and 1970s it coordinated with federal agencies including the Department of Commerce (United States) and the Department of Labor (United States), and later adapted policy in response to the Energy Crisis and the decline of regional employers such as Continental Resources. In the 1990s and 2000s the authority partnered on initiatives connected to the Economic Growth and Tax Relief Reconciliation Act of 2001 and state tax reform, while collaborating with regional organizations like the Greater Oklahoma City Chamber and City of Tulsa economic offices to support projects tied to Intel and American Airlines. Post-2010 strategies emphasized collaboration with research entities such as the Oklahoma Medical Research Foundation and National Renewable Energy Laboratory to diversify away from traditional sectors.
The authority's governance model mirrors boards found in entities like the Oklahoma Board of Regents for Higher Education and the Tulsa Port of Catoosa Authority, with a governing board appointed by the Governor of Oklahoma and confirmation processes similar to those of the Oklahoma Senate. Executive leadership coordinates with the Oklahoma Secretary of Commerce and Tourism and liaises with municipal leaders from Norman, Oklahoma, Broken Arrow, Oklahoma, and Lawton, Oklahoma. Administrative divisions reflect functions analogous to the Oklahoma Tax Commission and the Oklahoma Department of Transportation, with units focused on business recruitment, incentives, compliance, and outreach to partners such as Regional Economic Development Organizations (REDOs) and county development districts including Tulsa County and Oklahoma County authorities.
Programs administered by the authority resemble investment tools used by the Missouri Department of Economic Development and the Texas Economic Development Corporation, offering incentives such as tax credits, bond financing, and workforce training grants that coordinate with entities like the Workforce Innovation and Opportunity Act programs and the Oklahoma Employment Security Commission. Services include site-selection assistance similar to offerings by SelectUSA, small business support akin to the Small Business Development Center network, and export promotion activities paralleling the U.S. Commercial Service. The authority also manages programs for rural communities comparable to initiatives by the U.S. Department of Agriculture and partners with education stakeholders such as the Oklahoma State Regents for Higher Education to align curricula with employer needs identified by firms like General Motors and Nestlé USA.
The authority deploys financial instruments including tax increment financing structures modeled on Tax Increment Financing, industrial revenue bonds as used by City of Tulsa projects, and direct grant programs similar to those offered by the Economic Development Administration. It leverages state appropriations approved by the Oklahoma Legislature and collaborates with financial institutions such as Wells Fargo, Bank of America, and regional banks to structure deals, while coordinating with federal lending programs from the SBA 504 Loan Program and mortgage credit agencies comparable to Fannie Mae for housing-related workforce initiatives. Oversight involves audit interactions with the Oklahoma State Auditor and Inspector and compliance reviews akin to procedures by the Government Accountability Office.
Evaluations of the authority's impact use metrics similar to studies by the Brookings Institution and the Pew Charitable Trusts, tracking job growth in sectors such as energy, aerospace, agriculture technology, and health sciences represented by employers like Devon Energy, Spirit AeroSystems, John Deere, and Integris Health. Regional outcomes include investment in urban redevelopment projects comparable to the Bricktown and MAPS (Metropolitan Area Projects) initiatives, improved labor participation rates measured alongside Bureau of Labor Statistics data, and changes in per-capita income tracked against U.S. Census Bureau figures. Independent analyses conducted by think tanks such as the Harvard Kennedy School and state universities assess return on investment relative to incentive costs.
The authority sustains partnerships with federal agencies including the U.S. Department of Commerce, U.S. Department of Agriculture, and U.S. Department of Transportation, and collaborates with state institutions like the Oklahoma Department of Commerce and local chambers such as the Greater Oklahoma City Chamber and the Tulsa Regional Chamber. It engages philanthropic partners like the Kauffman Foundation and research collaborators including the Oklahoma Medical Research Foundation and University of Tulsa, while coordinating workforce strategies with entities such as the Oklahoma Works initiative, private-sector employers including American Airlines Group and CF Industries, and regional development organizations like Vision 2025.
Category:Economy of Oklahoma