Considering its central location in the US, the city of Tulsa is an ideal place for anyone looking to launch a startup or expand their business. Setting up and running a business is easy because the initial operating costs are low. The city stands among the lowest ones in terms of the cost of living. The city’s thriving business environment means there’s an ongoing need for companies offering truck rentals in Tulsa.
History and Overview of Tulsa’s Economy
From the early 1920s to World War II, Tulsa was regarded as the “Oil Capital of the World”. The region’s largest industry today is the aerospace and aircraft industry. The aviation industry, comprising of over 300 companies, employs more than 32,000 workers in Tulsa and 140,000 workers around the state. Yet, the two major employers come in Tulsa come from the insurance industry, namely Whirlpool and Ford Glass. The city is also home to three vehicle rental companies, while a major car rental company of the US has its reservation center in Tulsa. Also, the telecommunications industry is another significant sector that employs 15,000 workers.
The Tulsa Port of Catoosa, which was opened on the Verdigris River in 1971, has become a major inland port along the McClellan-Kerr Navigation System that extends to 455 miles. As a foreign trade zone, the Tulsa Port of Catoosa comprises of more than 2,000 acres of adjacent industrial parks. Products such as oil, fertilizer, grain, and coal are shipped through the port to the Mississippi river at a low cost. Through the Mississippi river, the products are shipped to the Gulf of Mexico and different parts of the world.
Besides, the healthcare industry’s huge contribution to Tulsa‘s economy can’t be neglected. The industry provides more than 30,000 jobs. On the national level, several industries in Tulsa frequently prove themselves as top employers, particularly the aircraft engines and aircraft, oil and gas-related sectors, metal pumps, fabricated plate work, fabricated metal pipe, cleaning and laundry appliances, and hoists and cranes.
Incentive Programs to Businesses
While most incentive programs are offered at the state level, the Tulsa Port of Catoosa does provide various benefits to businesses. The incredible enterprise zone offers tax credits for job creation, low-interest loans, and tax exemptions for up to six years to qualifying businesses.
At the state level, Tulsa’s workers have benefitted ever since the state’s adoption of the Right-to-Work law that fostered a business-friendly environment. The law led to a 94% increase in job creation resulting from startups and expansions and a tremendous increase in workers’ hourly wages which gave a boost to the state’s household income growth. As stated in Oklahoma’s Tax and Incentives Guide, the state’s Quality Jobs Program issues cash rewards up to 5% of payroll to businesses that create new jobs in Oklahoma. Manufacturers and service companies with 2.5 million or more payroll investments qualify for this incentive.
The Oklahoma State Department of Vocational and Technical Education also provides customized industrial training programs to companies with no cost to the employer. Besides, vocational training schools located at 48 sites around the state also provide management training.
Development Projects
Several initiatives are planned for the year 2025. The voter-approved 1-cent sales tax increase in 2003 seeks to benefit two key employers, American Airlines and Boeing. While $22.3 million was to be reserved for the expansion of American Airline’s Tulsa maintenance center, $885 million were allocated as incentives to Boeing Corporation for the set up of its final assembly plant for the 7E7 jetliner. Besides, $350.3 million, that makes 40% of the penny tax, was designated for education, economic development, and up-gradation of the modernized events and convention center and the Tulsa County EXPO Square Facility. The rest of the funds, around $157.4 million, are targeted towards community development programs, funding water dams, soccer fields, museums, parks, community centers, and swimming pools.
Employment and Labor
The growing population of Tulsa is generally well-educated. The number of workers in Tulsa in the 12-15 years education range exceeds the national average. Tulsa also ranks above national and state averages in terms of the population’s skill diversity, experience, and computer and technology skills. Hence, talent acquisition, even for managerial and professional levels, is not a problem.
The post-secondary institutions in Tulsa have a large number of students enrolled, creating an even positive outlook for the industries. Annually, 2,800 students graduate from 4 two-year institutions and 6 technology centers, and 4,800 graduate from 8 four-year schools. The trade and service sectors are the primary drivers of economic growth and the same is expected in the future. Aviation and aerospace, telecommunications, transportation, reservations, utilities, data and credit card processing, and communications are the top-performing sectors.
Key Takeaways
Hence, Tulsa features a tremendous corporate environment with a great future outlook for businesses and entrepreneurs. For anyone looking to launch a startup or expand their existing firm, Tulsa is a worthwhile place to consider. Not only does the region offer a talented workforce but numerous local and state-level incentive programs are available to businesses, including the job training programs for employees.
With the low cost of living and high per capita income growth, the purchasing power of the people in Tulsa remains much higher than people in other regions, presenting profitable opportunities for enterprises. Also, the development projects that continue to benefit businesses can’t be forgotten.
If you’re considering truck rentals in Tulsa, be sure to take into account the necessary considerations associated with the decision such as your project needs, reliability of the vehicles, flexibility, and crew safety. Summit Fleet can help you with all these concerns, providing the right truck rental to render your projects.
To learn more about the Summit Fleet or book rental trucks, feel free to call at 888.664.9570.
