Word Industries Fabrication to Open with 100 Employees
An industry-wide shortage in oil and gas metering equipment has sparked a startup operation in Tulsa that will create 100 jobs and $38 million in sales annually. Word Industries Fabrication will use a 40,000-square-foot facility to build metering equipment for the oil and gas production, processing and transport sectors. The total economic impact of the new operation will be $20 million in income when all jobs are in place.
Rely Energy to Expand Tulsa Facility
Tulsa-based Rely Energy is the latest enrollee in the Oklahoma Quality Jobs Program, with the company looking to create 98 jobs over the next decade. Rely could realize up to $2.6 million through the incentive program. Rely Energy was started in early 2010 and helps small to midsize industrial and commercial customers find ways to control their power usage.
Metro Tulsa Apartment Rents Increase
The average apartment rental rose between $3 and $32, depending on the floor plan, from June of last year to present, according to a new survey by CB Richard Ellis Oklahoma. Average apartment occupancy remained stable at 91.5 percent. Rents and occupancy are expected to increase over the next year, however five new complexes being built, with a total of 1,365 units could alter the outcome.
Holly and Frontier Complete Merger
Tulsa refinery owner Holly Corp. completed its $7 billion merger with Frontier Oil Corp. in early July. HollyFrontier will be based in Dallas, with Frontier CEO Mike Jennings taking the same post with the merged company. Holly entered the Tulsa market two years ago, buying the former Sunoco Inc. refinery for $65 million and then the Sinclair Oil Corp. refinery for $128.5 million.
Phase I of North Tulsa Sports Complex Under Way
The first phase of construction on the North Tulsa Sports Complex is about 25 percent complete. Located on 320 acres near Mohawk Park at 56th Street North and U.S. 75, the complex will ultimately include a 26-field tournament soccer facility, a new skateboard park and a future BMX bicycle track. Completion is set for May 2012.
State Revenue Jumps 15.5 Percent
Gross revenue collections for last month were up 15.5 percent from June 2010, according to reports by the state treasurer. The state is entering the third year of expansion and the double-digit revenue growth last month shows that the state’s economy is regaining strength while the national economy continues its rather slow growth. Gross revenue collections for June were slightly more than $1 billion, or $134.5 million higher than June 2010.
Tulsa-Based Laredo Petroleum Completes Acquisition
Tulsa-based Laredo Petroleum significantly raised its employee base, acreage and proved reserves with its $1 billion acquisition of Dallas-based Broad Oak Energy, Inc. Laredo will keep all 60 Broad Oak employees. Prior to the acquisition, Laredo employed approximately 125 people, including 80 in its Tulsa administrative offices.
Oklahoma No. 6 for Wind Power Capacity
Oklahoma ranked sixth nationwide with 352 megawatts in new-build wind power capacity last year, the U.S. Department of Energy stated in its annual “Wind Technologies Development Report.” The state also finished 10th in raising its wind-power portion of total electricity generation to an estimated 6.9 percent. Oklahoma’s total wind capacity stands at 1,482 megawatts, placing eighth nationwide. One year ago, Oklahoma was 11th in newly installed capacity with 299 megawatts, according to the 2009 DOE report.
City Sales Tax Revenue Increases
Tulsa’s sales-tax revenue for July jumped 4.7 percent over the same month last year, according to reports released in early July. The city’s sales-tax check from the Oklahoma Tax Commission was for $17,140,860, compared with $16,371,994 in July 2010. This is the city’s first sales-tax check for the fiscal year, which began July 1. The total was 2.2 percent greater than the budget projection of $16.7 million.
Sitel Expands in Bartlesville
Sitel Corp. reported that it will add 100 jobs in 90 days at its office in Bartlesville as it expands customer care support services for clients in the banking and retail industries. The inbound call center has been providing customer service for large national clients for 11 years in Bartlesville. The full-time positions start at $8 per hour, with an opportunity for raises in 90 days.
Road and Bridge Improvement Plan OK’d
State transportation commissioners approved a five-year, $705 million county road and bridge improvement plan in mid-July. The plan, stretching from fiscal year 2012 to 2016, includes 471 projects, more than 415 of which will improve or replace bridges. Roughly $582.6 million will come from the state’s revolving County Improvement for Roads and Bridges Fund with the remainder coming from Federal and local governments as well as American Indian tribes.
Tulsa Among 10 Most Desirable Cities for Retirees
AARP Magazine listed Tulsa among the top 10 cities in which to retire in its September/October issue. To create its Top 10 list, the magazine compared financial data such as tax rates, housing prices, and entertainment/recreation options from more than 350 cities.