Lamb: Oklahoma’s Job PulseOct 26th, 2011 | By Jerrod Shouse | Category: Featured, Small Business
Job retention and creation in Oklahoma is essential for our success. Economic development is a driving factor in moving our state forward. Traveling the state as Oklahoma’s Small Business Advocate has afforded me ample opportunity to visit with those creating good jobs right here in Oklahoma. The discussion often focuses on ideas to boost our job creation and economic development numbers.
The manufacturing industry is a good illustrator of business and job growth. Manufacturing is a significant employment and revenue producing industry in Oklahoma. The manufacturing sector employs 132,800 Oklahomans and supplies more than $17.2 billion to Oklahoma’s economy. The manufacturing industry allows and creates organic growth. Eighty-five percent of jobs in Oklahoma are created by employers already in Oklahoma.
The manufacturing industry serves as an economic indicator and stimulus for Oklahoma’s economy. Other additional industries contribute to the overall success of the economy, but manufacturing companies create goods that in turn generate the demand for energy and raw materials used to manufacture those goods. As a result, the demand created then stimulates and supports other businesses in the economy.
Even though manufacturing employment declined in the recent national recession, it has since recovered in 2011. A recent report released by the State Chamber revealed that over the next 20 years, our state’s manufacturing industry is expected to bring over 300,000 net new jobs to Oklahoma. With every 100 new jobs this industry creates, Oklahoma benefits with an additional 240 jobs created throughout the state. Much of the industry’s success at preventing dismal job losses is the diverse relationships built between the manufacturing industry and other industries such as Oklahoma’s agriculture, energy and construction industries. This allows Oklahoma to grow internally from jobs already here at home.
Earlier this month, I had the privilege of keynoting the annual Oklahoma Conference on Manufacturing. This conference offers manufacturers from across the state the opportunity to share best practices with each other. During the annual Oklahoma Conference on Manufacturing, I was honored to help present the four “2011 Governor’s Manufacturing Leadership Awards.” It’s great to be a part of recognizing those people and companies who are working hard to advance Oklahoma and make our state competitive.