Newspaper article THE JOURNAL RECORD

New, Expanding Industry Investments Rise 11.1%

Newspaper article THE JOURNAL RECORD

New, Expanding Industry Investments Rise 11.1%

Article excerpt

Planned investment by Oklahoma new or expanding manufacturers and processors rose 11.1 percent in the first quarter to $83.18 million from $74.89 million in the same period of 1989, according to the Oklahoma Department of Commerce.

The number of jobs that would be created, however, inched down to 1,667 from 1,669.

The commerce department report was based on announced investment plans, not completed projects.

"Although unscientific," said Secretary of Commerce Donald Paulsen, "the survey does reflect considerable private sector activity and indicates the confidence the business community has in the future of the state of Oklahoma, making it one of the most important indicators we monitor."

Investment plans were announced by 43 companies in the first quarter of 1990, four more than in the same period of 1989. Of those:

- 12 were new companies starting in Oklahoma. That was down 36.8 percent from 19 in the same period of 1989.

Planned investment for the new companies totaled about $8.29 million, 84.1 percent lower than the $52.2 million planned in the same period of 1989. New jobs created would total 683, down 28.3 percent from 953.

- 31 were firms which announced expansions in the Sooner State during the first quarter, up 63.1 percent from 19 in 1989.

Investment in plant expansions soared 240.4 percent to $74.89 million from $22 million in the first quarter of 1989. The expansions would create 984 jobs, 45.5 percent above the 676 planned the previous year.

- No companies announced plans to relocate to Oklahoma. A year ago, one firm did, accounting for 40 jobs from a $600,000 capital investment.

The 1990 first quarter announcements involved 890,266 square feet: 262,000 occupied by new businesses and 628,266 by expanding firms.

The department started a new category this year for major service industry announcements, those with investments exceeding $1 million and/or more than 100 jobs. …

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