'We Are Going To Take Oklahoma To The Next Level:' New Economic Development Push

A new bill has been proposed to take a new approach to economic development and business retention in Oklahoma. The legislation would create a new state agency that is solely dedicated to economic development, the Oklahoma Office of Economic Development, Growth and Expansion (OkEDGE).

Senator Kristen Thompson, the lawmaker who filed the bill, is hoping this changes the way that Oklahoma does business. “We are going to take Oklahoma to the next level,” said Sen. K. Thompson, (R ) Edmond.

Senator Thompson is calling this the “COMPETE Act.” “Creating Oklahoma's modern plan for economic transformation and effectiveness,” said Sen. Thompson.

The bill would create a new state agency specifically dedicated to economic development, growth, and expansion. Those duties currently fall under the Department of Commerce. “This is how we move our state forward, this is how we create jobs, this is how we pay less taxes, this is how we have better roads, better bridges, better schools for our kids.”

After years of failed business deals between the state and outside companies including Panasonic, Tesla, and Volkswagen, Senator Thompson says we need a modern approach to economic development. “This was born from the conversations that we started having as soon as the state was notified that Panasonic was not going to open an operation here,” said Sen. Thompson.

The senator from Edmond is proposing a one-time investment of $698 million specifically designated for business retention and expansion efforts and she’s hoping for an 8% return on investment, that will translate to an annual allocation of $55.84 million. “We are looking not only to recruit new industries but our focus is definitely going to be to grow what we have now,” said Sen. Thompson.

Thompson says the new agency itself won’t cost much to initiate because it will be absorbing employees and responsibilities from the Oklahoma Department of Commerce. “This is where all of the economic development functions for the state of Oklahoma on all different levels will start,” said Sen. Thompson.

The new agency will be governed by a nine-member board of directors. Those members will be chosen by the Governor, Senate Pro Tem, and House Speaker. 

Senator Thompson also wants to require at least one of those appointees to be from a community of 100,000 people or less, so the board can be made up of people who understand urban, suburban, and rural areas. 

If the bill passes, Sen. Thompson is hoping to have the new agency up and running by 2025. Within 30 days of the law’s enactment, the board must be appointed and they must have their first meeting within 60 days of the law going into effect.  “Time is of the essence. The longer we wait and the less efficient the opportunities are, we're gonna miss out on them,” said Sen. Thompson. “We want people to know Oklahoma is not only open for business, but this is where you can thrive.”

The bill will be presented when the session starts next month.