Business and Industry

Oklahoma Cooperative Extension Service

AGEC-862

Critical Factors in Attracting New

Business and Industry

in Oklahoma

Gordon Sloagett

Research Associate

Mike D. Woods

Oklahoma Cooperative Extension Fact Sheets

are also available on our website at:

http://osufacts.okstate.edu

Extension Economist

The emphasis in this fact sheet is on attracting industry

(manufacturing), but much of the discussion also applies to

attracting non-manufacturing type business. The objectives

of this fact sheet are to review the:

1. elements of an industrial recruitment program

2. important factors in industrial location

3. changing national economy and new factors which will

be important to industry and business location

should be targeted on industries for which the community has

a comparative advantage.

A community’s comparative advantage may be in one or

more areas of production. A community with a large underemployed labor force may have a comparative advantage for

labor intensive industry. Other potential comparative advantages may include abundant water supplies, electric power,

transportation opportunities, location, natural resources,

particular labor skills, educational facilities, etc. It is important

for community leaders to be aware of situations giving their

area a comparative advantage.

The bases of a recruiting program is a local economic

development committee. To gain widespread community support, the committee should be made up of leaders from all

facets of the community. The responsibilities of the committee

are to:

1. Examine the advantages and disadvantages of the community as a location for new business and industry.

2. Identify potential industries and firms that are growing

and would profit from locating in an area with location

characteristics common to your area.

3. Prepare information — brochures, slide shows, etc. — that

will help to sell the community to a potential industry.

4. Organize local resources —...