Oklahoma

CEO Guide to Site Selection

#22

Oklahoma

CEO Rank on Best & Worst States for Business

RIDING THE WINDS OF DEVELOPMENT

Wind power and aviation are helping the Sooner State recover from the national fallout related to the Covid-19 pandemic. In the past year, Carter Wind Energy, North Star Scientific and United Dynamics have added hundreds of jobs here. In April, Governor Kevin Stitt announced the launch of the Oklahoma Innovation Expansion Program. It makes $10 million in funding available to qualifying manufacturers to support new product development and increase capacity at existing companies.

“For Oklahoma to become a Top Ten state, workforce participation must be at a top level, and I am committed to doing what I can to help Oklahomans get off the sidelines and into the workforce.”

Kevin Stitt

Governor

TAXES

0 %

top corporate income tax

# 0

on the Tax Foundation’s State Business Tax Climate Index ranking

EDUCATION

0 %

of students graduated high school in 2019

0 %

of adults age 25 and older have a bachelor’s degree or higher

UNEMPLOYMENT RATE

0 %

RIGHT TO WORK STATE

Yes

QUALITY OF LIFE

# 0

POPULATION GROWTH

0 %

increase between 2010 and 2020

“Oklahoma was compelling because they understand industry, thoroughly know energy, streamlined the site selection process, and their leadership demonstrated commitment and interest in the project. We know we will be successful by locating here.”

“We could not be more excited about relocating AAIC to the Tulsa area. We believe that the availability of skilled aerospace technicians coupled with the business-friend- ly environment will set us up for success long into the future.”

“NSS has chosen the state of Oklahoma and Oklahoma City as the site of our expansion because of the favorable business environment and the availability of personnel and other resources that benefit aerospace companies, especially those focused on radar and electronics.”

KEY INCENTIVES

Oklahoma Quality Jobs Program: Offers cash grants of up to 5% of new employee payroll for businesses that create at least $2.5 million in new annual payroll in three years with jobs that meet the average county wage.

The 21st Century Quality Jobs Program: Offers a cash grant of up to 10% on taxable payroll for businesses that create at least 10 jobs with an annual wage that is the lesser of $101,650 or 300% of the average county wage.

Insurance Premium Tax Credit: Offers an annual tax credit to insurance companies that locate or expand a regional home office in the state and maintain at least 200 employees.

Investment/New Jobs Income Credit: Offers a five- year tax credit on the greater of 1% per year of capital improvement investment or a credit of $500 for each job created.

EDCs

Oklahoma Department of Commerce

okcommerce.gov

Oklahoma City Economic Development

okc.gov/departments/economic-development

Greater Oklahoma City

greateroklahomacity.com

Tulsa’s Future

tulsasfuture.com

HIGHLIGHTED PROGRAM OR INITIATIVE

Gov. Kevin Stitt announced in April 2021 the launch of Supply Chain Oklahoma (SCO), an initiative that will provide critical resources to Oklahoma manufacturers. The first part of the initiative was “Connex Oklahoma,” a new, free online database tool developed by the Oklahoma Manufacturing Alliance (OMA) in partnership with the Oklahoma Department of Commerce. The tool allows manufacturers to connect, find alternate suppliers, explore production capabilities and view their supply chains.

BIG DEALS

Amazon announced in December 2020, a fulfillment center and 500 new jobs in Oklahoma City.
Aviation Avionics & Instruments announced in March 2021 it will relocate from Freeport, New York, to Owasso and create 65 new jobs over the next three years.
Carter Wind Energy announced in April 2021 it will locate its new company in Lawton and create 300 jobs.
Israeli aerospace company TAT Technologies announced in May 2021 the relocation of its thermal component activities from Israel to Tulsa. The move is expected to create 300 jobs.
Cardinal Glass finished a $25 million expansion in June 2021, bringing the company’s total investment in Du- rant to more than $300 million.
Carvana announced in September 2021 it will open an inspection and reconditioning center in Oklahoma City.

BIG COMPANIES

NGL Energy Partners (Fortune 500 Headquarters)
Oneok (Fortune 500 Headquarters)
Williams (Fortune 500 Headquarters)
Devon Energy
Continental Resources
Enable Midstream Partners
Magellan Midstream Partners
OGE Energy
BOK Financial

No. 11

Oklahoma

Taxation and Regulations

Workforce Quality

Living Environment

Based on CEO Survey by ChiefExecutive.net

Key Metrics
Taxation and Regulations State Corporate Income Tax Rate: 6% Highest Personal Income Tax Rate: 5.50% Workforce Quality % with High School diploma or more: 85.5 % with Bachelor’s degree or more: 22.2 % with Advanced degree or more: 7.2 Patents per 100K: 14 % of Employed Represented by Unions: 6.90 Quality of Life Hopsitals per 10K: 0.304 Elementary/Secondary Schools per 1000 people: 0.503 Violent Crimes per 100K: 482.86

Key Metrics

Taxation and Regulations

State Corporate Income Tax Rate: 6%
Highest Personal Income Tax Rate: 5.50%

Workforce Quality

% with High School diploma or more: 85.5
% with Bachelor’s degree or more: 22.2
% with Advanced degree or more: 7.2
Patents per 100K: 14
% of Employed Represented by Unions: 6.90

Quality of Life

Hopsitals per 10K: 0.304
Elementary/Secondary Schools per 1000 people: 0.503
Violent Crimes per 100K: 482.86

Key Companies
Chesapeake Energy The Williams Companies Devon Energy Williams Partners

Other Highlights
Oklahoma rose to #11 from #19 in 2010 — the state took #22 in 2009 Oklahoma ranks 32nd in state debt per capita with $2689

Sources:
TaxFoundation.org
Statemaster.com
Bureau of Labor Statistics
U.S. Census Bureau
U.S. Patent and Trademark Office
The National Center for Public Policy and Higher Education