25.05.2014 Views

Tulsa Comprehensive Plan - PLANiTULSA

Tulsa Comprehensive Plan - PLANiTULSA

Tulsa Comprehensive Plan - PLANiTULSA

SHOW MORE
SHOW LESS

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

Economic development<br />

parT i: AnAlySiS & FindinGS<br />

Several of these clusters depend on <strong>Tulsa</strong>’s<br />

transportation infrastructure, and related industries<br />

and assets. <strong>Tulsa</strong> relies on <strong>Tulsa</strong> International Airport,<br />

Jones Riverside Airport, the Port of Catoosa and<br />

highway freight to receive/deliver goods to the <strong>Tulsa</strong><br />

area. The Transportation, Distribution, and Logistics<br />

cluster supports the region’s large manufacturers<br />

and wholesalers. Continued investments in <strong>Tulsa</strong>’s<br />

transportation infrastructure (including major<br />

enhancements of <strong>Tulsa</strong> International Airport’s cargo<br />

capacity) is important to support <strong>Tulsa</strong>’s key clusters.<br />

Market Street calculated location quotients (LQ) for<br />

four of the priority clusters, shown in Table 7. 3 Each of<br />

these clusters has high regional employment, and pays<br />

a high average wage to their employees. Transportation,<br />

Distribution, and Logistics was the largest cluster (more<br />

than 27,600 employees), though its relatively low LQ<br />

suggests <strong>Tulsa</strong> does not have a comparative advantage<br />

in this field. The Energy cluster had the largest LQ of<br />

any priority cluster, indicating a strong advantage in<br />

<strong>Tulsa</strong> compared to the country as a whole. Businesses<br />

in the Energy cluster include: oil and gas extraction,<br />

electric power generation, and scientific research and<br />

development services.<br />

Market Street identified two emerging target industries:<br />

Information Security, and Entertainment and Tourism.<br />

Currently, these industries possess the potential to<br />

become viable economic engines for the region, due to<br />

high growth potential and existing momentum within<br />

the region. However, compared to the nation, <strong>Tulsa</strong><br />

does not have a competitive advantage in these fields.<br />

Market Street recommends keeping an eye on these<br />

industries in future years, because they possess the<br />

potential to become viable economic engines for regional<br />

economic development.<br />

Table 7. Summary of priority clusters,<br />

tulsa mSA (2007)<br />

average<br />

Jobs lQ Wage<br />

Transportation,<br />

Distribution and logistics<br />

27,652 0.99 $48,343<br />

machinery and electrical<br />

equipment manufacturing<br />

11,994 2.80 $52,343<br />

energy 10,932 3.19 $78,850<br />

aviation and aerospace 5,393 2.59 $51,061<br />

health care n/A n/A n/A<br />

professional services<br />

and regional hQ<br />

n/A n/A n/A<br />

Source: Market Street “Marketing & Existing Targets Review: target<br />

Business Review” for <strong>Tulsa</strong>, OK. 7/2008.<br />

Note: Market Street had insuffcient data to calculate employment,<br />

location quotients and average wages for Health Care and<br />

Professional Services and Regional Headquarters clusters.<br />

Recent investments in the Tourism industry include<br />

expansion and construction of the Convention Center,<br />

the BOK Center, and the ONEOK Field adjacent to<br />

downtown. Continued investments in tourism are<br />

necessary for <strong>Tulsa</strong> to develop a competitive advantage<br />

in this industry. The Information Security industry<br />

also shows promise, including the long-standing<br />

partnership between the National Security Agency and<br />

the University of <strong>Tulsa</strong> Information Security program.<br />

The conclusion of the Market Street analysis was:<br />

“Ultimately, growth of target industries is realized through<br />

strategies encompassing recruitment, retention and expansion<br />

of existing companies, entrepreneurship and small business<br />

development, workforce and training development,<br />

and optimization of local competitiveness. Importantly,<br />

determination of regional industries to target does not preclude<br />

the <strong>Tulsa</strong> Metro Chamber from acting on other development<br />

opportunities that may arise. These reactive activities are<br />

important, though the proactive targeting of priority regional<br />

growth industries will more effectively move Metro <strong>Tulsa</strong> towards<br />

greater economic diversity and sustainability.”<br />

3<br />

A location quotient measures the relative concentration of an industry. In this instance, Market Street<br />

compared a clusters portion of employment in the <strong>Tulsa</strong> MSA, to the cluster’s portion of employment<br />

nationally. Location quotients (LQs) higher than 1.0 indicate the cluster is more highly concentrated in the<br />

<strong>Tulsa</strong> economy, suggesting a comparative advantage in that cluster. Data limitations prevented Market Street<br />

from calculating LQs for the Health Care and Professional Services and Regional Headquarters clusters.<br />

July 2010<br />

ED<br />

economic development – <strong>Tulsa</strong> comprehensive plan 7

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!