Gov. Fallin Announces Oklahoma Realizes Economic Development Successes in 2017 Fiscal Year

OKLAHOMA CITY - Governor Mary Fallin today said that Oklahoma’s business climate remains positive. despite slow recovery in the oil and gas industry, and another state budget shortfall. During the first three months of 2017, Oklahoma’s gross domestic products (GDP) grew 1.9 percent, which is more than the surrounding states of Colorado, Kansas or Arkansas.

The Oklahoma Department of Commerce reported an increase in the number of potential new jobs and new investment during the 2017 fiscal year, which ended June 30. New jobs were up 12 percent, with new investment in the state reaching $2.37 billion and surpassing the goal of $1.2 billion for the year.

These numbers represent Commerce Department-led projects and were reported by the Oklahoma Department of Commerce:

Business Wins: 48
Projected New Direct Jobs: 5,083
Planned New Investment: $2,378,918,000
Number of Oklahoma Counties with Wins: 23 (see map below)
“The Oklahoma Department of Commerce and its economic development partners throughout the state have been working tirelessly to bring new jobs and investment to Oklahoma,” said Fallin. “Not only have we surpassed the goal set for the last fiscal year, but we’ve diversified our state by adding jobs in non-traditional industries. The oil and gas downturn is a reminder that our state needs to strengthen in all of its industries. I applaud the hard work being done to ensure positive results in these areas.”

The Oklahoma Department of Commerce has also seen an increase in the number of foreign direct investment (FDI) open projects as well as wins. During the 2017 fiscal year, more than 18 percent of business wins were from FDI. Currently, 21 percent of projects being worked by the Commerce Department are FDI, or twice the historic average of 10 percent.

“We had a very productive year and are moving into the new fiscal year with great momentum. Our team is already hard at work on nearly 150 projects and we are receiving new leads every week,” said Deby Snodgrass, secretary of commerce and tourism. “As a result of our efforts to promote Oklahoma as a global business hub, Commerce is experiencing increased interest from global companies and investors.”