2016 Norman Economic Summit: The Future of NEDC
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Transcript of 2016 Norman Economic Summit: The Future of NEDC
The Future of NEDCPresented by Jason Smith, CEcDPresident and CEO
April 21, 2016Embassy Suites
TODAY’S PRESENTATION
• Recap Last Year
• Organization’s Philosophy
• Strategies for 2016 and Beyond
HIGHLIGHTS 2015 Description 2011 2012 2013 2014 2015
Employment Growth + 2,193 +1,460 +1,022 +1,470 +1,875
Net 4.2% 2.7% 1.9% 2.7% 3.2%
Labor force Growth +1,894 +1,662 +537 +963 +1,492
Net 3.5% 3.0% 0.9% 1.7% 2.5%
2011 2012 2013 2014 20150.0%
2.0%
4.0%
6.0%
8.0%
10.0% Unemployment Rate Annualized
Norman State National
Norman Labor Force2015: 61,317
Current Unemployment Rate:3.3%
HIGHLIGHTS 2015
1. Wewoka 9.2%
2. Moore 4.6%
3. Norman 2.7%
4. Watonga 2.5%
5. Broken Arrow 2.3%
6. Shawnee 1.5%
7. Edmond 1.3%
8. Idabel 1.0%
9. Durant 0.7%
Norman was third in the state and one of only nine ‘major’ Oklahoma cities to see retail growth in 2015. (Oklahoma Business Bulletin)
HIGHLIGHTS 2015Announced Jobs Projects• IMMY• Evans Enterprises• BFAC.com• Power Costs Inc.
Total New Jobs: 380Average Salary: $47,000
UPDATES ON ONGOING ACTIVITIES
• North Park • Website • eTec Facilities
What’s Next for NEDC?
THREE A’s of NEDC
• Accessible
• Actions
• Accountable
“Humans used to desire love, money, food, shelter, safety,
peace and freedom more than anything else. Now people want
to have a good job and they want their children to have a
good job.”Jim Clifton
The Coming Jobs War
NEDC MISSION STATEMENT…expand the economic base of the Norman community and enhance the earnings opportunities of area residents by retaining and expanding existing business and industry as well as attracting desirable new employers that are consistent with Norman’s high quality of life.
PROPOSED MISSION STATEMENT…improve the quality of life of Norman residents by creating jobs.
Relationship Based versus
Transactional Based
CORE ACTIVITIES • Help Norman Employers Grow and Succeed
• Position Norman as A Destination for Quality Employers
• Create a World Class Innovation & Entrepreneurial Ecosystem
• Retain and Attract Talented Population
Develop Formal Industry Visitation Program and Report Results
Understand and Develop Messages about What Makes Norman Special
“Norman has the 4th lowest cost of living in the United States.”
C2ER Cost of Living Index
LOWEST COST OF LIVING1. McAllen TX2. Harlingen TX3. Richmond IN4. Norman OK5. Ashland OH
6. Youngstown OH7. Idaho Falls ID8. Hattiesburg MS9. Jackson MS10. Tupelo MS
Source: Council for Community and Economic Research
Provide a Clear Path to Location Decision
Redesign NEDC Incubator Program
Connect Norman to Entrepreneurial Resources
throughout the Metro and State
Consider Fulltime Person Dedicated to
Entrepreneurship & Innovation
Make Talent Attraction and Retention a Top Priority of
NEDC and Norman
SITE SELECTION FACTORS1. Availability of Skilled Labor2. Highway Access3. Quality of Life4. Occupancy & Construction Costs5. Available Buildings
6. Labor Costs7. Corporate Tax Rate8. Proximity to Major Markets9. State & Local Incentives10. Energy Availability & Costs
Source: Area Development 2016 Corporate Survey
“In today’s creative economy, the real source of economic growth comes from the clustering and concentration of
talented and productive people.”
Richard Florida Who’s Your City?
“Best place to make a future Forbes 400 fortune? Start with this proposition: the most valuable natural resource of the
21st century is brains. Smart people tend to be mobile. Watch where they go! Because wherever they go, robust
economic activity will follow.”
Rich Karlgaard
Publisher, Forbes
Branding Norman