Site Selection Group, a full-service location advisory, economic incentives and real estate services firm, recently released its data evaluating locations for manufacturing investment. The findings put Oklahoma in the top 10 most competitive states for manufacturing.
“I am happy to see Oklahoma recognized for the competitive advantage it brings to manufacturing operations – something the state’s 4,200 manufacturers already realize,” said Oklahoma Governor Kevin Stitt. “We have long touted Oklahoma as a top 10 state, but this recognition helps us share our story and potential with companies that are looking at expanding or relocating their operations.”
Based on data gathered in the following categories, Oklahoma was ranked the No. 10 most cost competitive state for manufacturing:
- Operating costs (30%)
- Target skill sets (25%)
- Labor demand (20%)
- Organized labor (10%)
- Accessibility (10%)
- Labor scalability (5%)
“Oklahoma’s central location and multi-modal transportation system ensure supplies get in and products reach customers, all at lower costs,” said Brent Kisling, Executive Director, Oklahoma Department of Commerce. “Our incentive programs, low taxes and utility rates and cost of doing business mean manufacturing operations can improve their bottom line by operating in Oklahoma.”
According to the organization’s release, “Although location criteria are unique to each specific project’s needs, there are standard site selection drivers that typically drive manufacturing location decisions. A company’s ability to hire and retain a qualified workforce, as well as its ability to receive and ship goods in a cost-effective and timely manner are typically the most influential factors that drive final site selection decisions. However, business environment, regulatory climate, utilities, infrastructure, real estate and economic incentives play an important role in the process. Since no location scores the best in each of these categories, the optimal location for a project is one that has no critical deficiencies.”
Over the past two years, Oklahoma has seen significant investment by manufacturing companies relocating to or expanding operations in the state.
- 57 manufacturing project wins (announcements of new operations or expansion of existing operations)
- 4,600+ new manufacturing jobs
- $1.25 billion in projected investment
