New laws aim to modernize state economic development

The state of Oklahoma is rethinking the way it approaches and executes economic development.

OKLAHOMA CITY (KFOR) - The state of Oklahoma is rethinking the way it approaches and executes economic development. One lawmaker said the state department of commerce hasn’t been reevaluated in 40 years and they hope two new laws can change that.

"We really feel like we have taken a great step at this point,” Rep. Mike Osburn, R-Edmond, said.

That step is a hope of modernizing the workforce and economic development in Oklahoma by recruiting new businesses and retaining and supporting existing ones.

"We have added a couple more pieces to this puzzle,” Osburn said. “There are still some pieces missing."

Those pieces are two bills signed into law this past legislative session. The idea for them was partly sparked by the state losing out on companies like Panasonic, Volkswagen, and Tesla.

"We're going to have a strategic plan that has to be updated every year and approved by the legislature and Evaluation and Development Committee,” Sen. Kristen Thompson, R-Edmond, said.

It starts with the Compete Act. It creates a CEO and two divisions within the Dept. of commerce. One of them will focus on economic development, the other on community development. It also creates a legislative committee to look into incentive packages for relocating or expanding businesses within or outside state lines. The other law modifies programs within the department to ensure it’s focus on economic and community development both in urban and rural areas.

"There's not a one size fits all approach to economic development. We're all unique,” Charlene Flanery with Select Oklahoma said.

Christy Gillenwater with the OKC Chamber of Commerce cited workforce as a top priority. She said part of the plan is to build talent pipelines with Oklahoma schools and build relationships to find other tools to see what businesses may need.

“There's no perfect answer with this because it does depend on the business,” she said.

The CEO for the department has not been named. Officials said economic development is like a puzzle and they’re still filling in the pieces.