Economic Development News for the Ada Area

December 2016

1 Fund. 4,000 Jobs. $6M in Investment.

Your YES vote on January 10th will NOT raise taxes

On January 10, 2017, Ada voters have the opportunity to continue moving the community forward through the continuation of a quarter cent sales tax initiative which funds economic development in the area. The Ada Jobs Foundation recently launched a website to educate residents as to how previous Proposition 2 funds are positively impacting economic development county wide.

"The intent of the website is to provide an opportunity for voters to become more informed as to how Proposition 2 has been used and how it impacts their lives," said Michael Southard, CEO of the Ada Jobs Foundation, "Most citizens are not aware of all the jobs and investments that are linked to Prop 2. An example is that over 80% of all people employed by manufacturers in Pontotoc County work for a company who has received an incentive to grow."

Voters have extended the economic development sales tax three times. On January 10th, city residents will not increase the current tax rate, but carry forward the existing sales tax through May 2023. A vote 'YES' continues Ada's progress, invests in the community, prepares the area economy for future growth, and will not raise taxes.

To learn more about how Proposition 2 funds positively impact the Ada area economy visit www.Progress4Ada.com and click on the video below to see how Proposition 1 and 2 have succeeded beyond expectation for our community.

2016 in Review: End of Year President's Report

The Ada Jobs Foundation monitors various data sources to identify trends and forecast growth for the area. This is consistent with our work as an economic development organization, and monitoring also allows for deeper analysis into local trends that may or may not be part of larger patterns in the region, state or national level. Governor Fallin recently claimed the State of Oklahoma may be facing another budget shortfall in the range of $500,000 to $600,000. The City of Oklahoma City recently announced there will be workforce reductions due to lower retail sales activity.


CHART: Regional Unemployment by Industry (source: EMSI Q4 2016 Data Set)

The slow recovery in the Oil/Gas industry is a significant reason for the state's budget woes, as the state budget depends heavily on income taxes, sales taxes, and production taxes. Income derived from the oil and gas industry impacts these taxes significantly. Other statewide trends show unemployment up, wages down and sales tax collections down, and exploration has not yet picked back up.

Ada's knowledge-based economy might help insulate the local economy from the statewide recession as it appeared to have done a few years ago with the national recession. Ada's economy is fairly diverse and our community boasts one of the highest levels of residents with a college degree in the state. The local unemployment rate has remained lower and labor force growth continues to be higher than both the state and national figures. While local retail sales receipts have not increased as fast as we would like, spending hasn't dropped quite as much as other Oklahoma communities.

The investments made in the community over the last decade are starting to show returns. Ada continues to invest in itself with updated streets, parks, and new public facilities. With several anticipated and recent announcements, local companies are hiring and new stores are opening. Ada's future continues to look bright.

Ada Jobs Foundation Accredited by the
International Economic Development Council

AJF Smallest AEDO of 53 Economic Development Organizations

The International Economic Development Council (IEDC) announces that the Ada Jobs Foundation (AJF) has been recognized as one of 53 economic development organizations accredited by IEDC as an Accredited Economic Development Organization (AEDO).

The AEDO program is a comprehensive peer review process that measures economic development organizations against commonly held standards in the profession. The program consists of two phases: a documentation review and an onsite visit. Each phase is designed to evaluate information about the structure, organization, funding, programs, and staff of the candidate economic development organization.

"Thank you to AJF Board, staff, area business leaders, and regional/state partners for helping our community attain this prestigious designation," said AJF Board Chairman Kenny Howard, " Earning the AEDO accreditation tells the community, companies, and prospects that AJF has attained a measure of excellence assuring that their trust is well-placed and their business is in good hands."