Economic Report - August 2012
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A Letter from the President & CEO
Now that July has come and gone, staff can reflect back on what has been a series of sprints over the summer. The Ada Jobs Foundation staff have been extremely busy over the summer months with call trips, events, et. al. We have partnered with several state, regional and community organizations to strengthen our efforts and maximize efficiencies in order to recruit companies to our area.
In April, Ada and other communities in SE Oklahoma hosted the Annual Lieutenant Governor's Turkey Hunt at Lake Hugo State Park. Eleven site selection professionals and corporate real estate executives attended the event where we shared information on each of our communities and learned ways that we can be of greater benefit to the private sector when making site decisions. Staff also teamed with the Oklahoma Department of Commerce and attended the National Rifle Association's annual conference and trade show. The law enforcement and public safety sector has been a core component of our economic development efforts for several years and a couple companies at the SHOT Show indicated that this show might be better suited to our goals. Ada also participated in the Industrial Asset Management Council's spring forum outside Austin, TX. IAMC is an organization consisting of corporate real estate professionals, site selectors and economic developers. At the forum, staff furthered relations with site selectors and spoke directly to corporations who may consider Oklahoma for future relocations and expansions. Read More...
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Upcoming Events
Commercial Property Auction Saturday, August 11, 2012
10:00 am
100 South Mississippi Ada, OK
HR 101 for Small Business
Monday, August 20, 2012
9 - 11 am
Pontotoc Technology Center - 601 West 33rd Ada, OK
Registration - $10
2012 Small Business & Small Manufacturer Regional Summit
Wednesday, September 5, 2012
9:00 am - 12:30 pm
Rural Enterprises of Oklahoma - Durant, OK
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Prop 1 & Prop 2 Renewal Election
In 1998 the Citizens of Ada took a proactive step and passed both Proposition 1 and Proposition 2, so that the City of Ada could undertake steps to improve the infrastructure, economy, and quality of life for its citizens.
Both propositions run for a period of five years, and can be renewed by a vote of the people. Since initially approved in 1998, Prop 1 & Prop 2 were renewed by overwhelming majorities in 2002 and 2007, both propositions are currently on the August 28, 2012 ballot for renewal. Proposition 1 is a three-quarters of a penny sales tax that is dedicated to infrastructure and capital improvements in the City of Ada. Proposition 2 is a quarter of a penny sales tax that is dedicated to economic development activities.
Since 1998, Proposition 1 has invested over $17 million in street improvements in the City of Ada. These projects have turned crumbling streets into smooth thoroughfares, and the recent acquisition of an asphalt plant will allow the City to make street improvements in a more efficient manner. Additionally, nearly $11 million has been invested in water and sewer improvements as well. These improvements have insured that citizens have access to clean drinking water, replaced inadequate lines, and improved drainage.
Proposition 2 is dedicated to economic development in the Ada area, and the main goal of this initiative is to improve the economic well-being and quality of life of the Ada area by creating and retaining quality jobs. This goal is achieved through a variety of different strategies, which include industrial recruitment, entrepreneurship development, business retention, retail development/recruitment, and quality of life improvements. The Ada Jobs Foundation is the primary initiator of these strategies and works under contract with the City of Ada.
Since 1998, Proposition 2 has helped to stabilize and improve the Ada area economy. Proposition 2 has invested over $6.4 million in the Ada area, which have created or retained over 2,300 jobs. In fact 1 in 9 employees in Pontotoc County work for an employer that directly benefitted from Proposition 2.
Other factors such as the unemployment rate, the size of the labor force, and income levels indicate the success of Proposition 2. The Ada area unemployment rate has remained consistently below the state and national rates since the passage of Prop 2, when it was consistently above the state and national rates before the passage of Prop 2. While the unemployment rate was decreasing, the size of the Ada area labor force grew substantially and has increased by 26% or nearly 5,000 employees since 1998. Additionally, the per capita income has increased in the Ada area by 76% since 1998, while the average hourly wage has increased by 88%.
There is no doubt that Ada would not be experiencing the economic and community growth now and will not in the future without the support of Proposition 1 and Proposition 2. It's nearly impossible to find a citizen that hasn't benefited from either one of these Propositions, either through improved roads and city services, or gainful employment or higher wages.
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Economic Indicators
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Unemployment Rate
(June 2012)
Ada MSA - 4.5%
June 2011 - 5.2%
Oklahoma - 4.7%
June 2011 - 6.1%
United States - 8.2%
June 2011 - 9.2%
Labor Force
(June 2012)
Ada MSA - 21,152
June 2011 - 19,869
Oklahoma - 1,794,250
June 2011 - 1,737,060
US - 155,163,000
June 2011 - 153,421,000
Sales Tax Report
(August 2012)
City of Ada - $1,125,674
August 2011 - $1,170,856
Pontotoc County - $263,840
August 2011 - $279,929
Use Tax Report
(August 2012)
City of Ada - $46,287
August 2011 - $47,133
Pontotoc County - $12,761
August 2011 - $11,580
Lodging Tax Report
(August 2012)
Pontotoc County - $19,721
August 2011 - $23,935
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