Transforming Oklahoma: Insights from Our Latest Episode With Lt. Gov. Matt Pinnell
Welcome back to another episode of "How to Invest in Commercial Real Estate." We are thrilled to bring you an enlightening discussion, featuring a special guest who offers unique insights into the economic landscape of Oklahoma. But first, a quick update on our latest project.
Project Update: Saint Louis Acquisition
We have just relaunched the Saint Louis acquisition, a significant retail deal featuring a big box retail setup with a pad site out front that we plan to spin off. The main tenants are Michaels, Ulta, Petco, and a new 10-year lease with American Freight. This site is strategically located next to a Target and Aldi, which are high-performing retailers. Additionally, there is a Chipotle and Panda Express, both with long-term leases. We are excited about this project and expect to close by the first week of June.
Special Guest: Matt Pinnell, Lieutenant Governor of Oklahoma
In this episode, we had the pleasure of hosting Matt Pinnell, the Lieutenant Governor of Oklahoma. Matt and Criterion’s Joel Thompson share a long history, having gone to high school and college together. Matt brings a wealth of knowledge about Oklahoma's economic development and offers valuable insights into the state's growth.
Economic Highlights in Oklahoma
Matt Pinnell discussed the significant economic developments happening in Oklahoma. Here are some key points:
Net Migration Growth: Oklahoma has seen a notable net migration growth, ranking ninth in the country. More people are moving to Oklahoma than leaving, with a significant number coming from Texas. This growth is not just limited to Oklahoma but is part of a larger trend in the central United States.
Interest from Businesses: The Oklahoma Department of Commerce has reported unprecedented interest from businesses looking to relocate to the state. This interest is driven by various factors, including lower costs of living, better quality of life, and an increasingly skilled workforce.
Tulsa Remote Program: The Tulsa Remote program, which offers financial incentives for remote workers to move to Tulsa, has been highly successful. This program has attracted a diverse group of individuals who are eager to contribute to the local community.
The Role of Aerospace and Defense
Aerospace and defense have become critical industries in Oklahoma. The state boasts significant investments and growth in these sectors, with companies like Boeing and Lockheed Martin establishing operations in Oklahoma. The state's aerospace industry is projected to become the leading industry within the next decade.
Renewable Energy Initiatives
Oklahoma is leveraging its natural resources to become a leader in renewable energy. The state is known as the "Saudi Arabia of Wind" due to its substantial wind energy production. Additionally, there are ongoing efforts to expand solar energy capabilities.
Business-Friendly Environment
Oklahoma is recognized for its competitive tax incentives and business-friendly policies. Despite having an income tax, the overall tax burden is lower compared to states like Texas, making it an attractive destination for businesses.
Key Growth Areas
Beyond Tulsa and Oklahoma City, areas like Lawton, Ardmore, and Durant are experiencing significant growth. These regions benefit from their proximity to major cities and the presence of sovereign Indian nations, which contribute to economic development.
Exciting Developments on the Horizon
Matt Pinnell hinted at several exciting developments, including potential large-scale aerospace projects and new tourism attractions. These initiatives are expected to further diversify and strengthen Oklahoma's economy.
Conclusion
This episode provided a deep dive into the economic landscape of Oklahoma, highlighting the state's growth, business-friendly environment, and future prospects. We are grateful to Matt Pinnell for sharing his insights and look forward to seeing how Oklahoma continues to evolve as a key player in the national economy.
For more information on investing in Oklahoma and the incentives available, visit the Oklahoma Department of Commerce website at OKCommerce.gov. To explore tourism opportunities, check out TravelOK.com.
Thank you for tuning in to another episode of "How to Invest in Commercial Real Estate." Stay tuned for more expert insights and exciting updates in our upcoming episodes.
