Phil G. Busey Sr.
Oklahoma's potential to create a 21st century economy is being undermined by state leaders' failure to prioritize education and workforce initiatives. The state school superintendent's radical policies have garnered national attention. The state's public education system is in shambles. This has a chilling effect on economic development. Political rhetoric appears to be taking precedence over actual action when it comes to moving our economy forward. Businesses will not succeed in this situation. Neither is our state.
However, you can change your course. But it means reform and progressive leadership with a true focus on economic development for all Oklahomans. Focus on ending division and uniting all of our economic advantages. We must leverage government, tribal, education, and business partnerships for economic development.
We must improve education once and for all. It is a failure of leaders not to prioritize and maximize investments in education and talent development. Every Oklahoman in this state deserves a chance to succeed. It starts with educational reform. Last year's increase in funding for K-12 education is not enough. Wallethub ranks him 50th for quality of education and workforce. Despite the governor's old rhetoric, it remains in the bottom 10 in virtually every major category.
more:Oklahoma Department of Education's top lawyer leaves Ryan Walters' administration
The Brookings Institution and the Center for Strategic and International Studies have found, backed by decades of research, that investments in education and an educated workforce are the foundation of economic growth. A first-class education system means a first-class economy.
For companies considering Oklahoma, education can be a deal breaker. Please make this a priority. We also need collaborative partnerships with tribes, which are critical to workforce development and education in rural Oklahoma. They invest heavily in education from primary to higher education. Tribes are Oklahoma's unique economic asset. Let's take advantage of this.
Oklahoma is a small state, but it competes with much larger states. To move forward, we must mobilize all our resources and unique advantages. Therefore, it is a proactive and collaborative approach. Tribes contribute more than $15 billion annually to her $100 billion economy. Our state budget approaches her $12 billion.
We need a long-term strategy to use state revenue for education and economic development, not annual budgeting. Currently, Oklahoma is 15% short of meeting industry needs. Recruiting and retaining businesses requires a 21st century education system and workforce. Even though we say we're business-friendly, she ranks 41st among the best states for business.
Other states have taken an aggressive approach, spending large sums of money and focusing on economic development and education.
Tennessee and Oklahoma were in similar situations 40 years ago. Primarily agriculture, mining versus oil. Tennessee has a population of 4.6 million. Oklahoma has 2.9 million people. This has changed dramatically. Tennessee established an independent department, Economic and Regional Development and Council, separate from the administrative functions of the Department of Commerce. Tennessee focused resources on corporate recruitment, viable incentives, infrastructure, and workforce. Their economy developed by leaps and bounds. Today, Tennessee is home to more than 18 of his Fortune 1000 companies, expanding automotive manufacturing, and continued investment in new businesses. Tennessee currently ranks ahead of Oklahoma in every category. Tennessee has a more diversified economy and a population of 7.1 million compared to Oklahoma's 4 million. GDP is 524 billion dollars, 16th place. Oklahoma ranks 43rd with $249 billion. The difference: Tennessee prioritized business development and diversification, investment, and workforce.
Businesses need to reinvest their income to grow. This situation is similar. The polarized climate in Oklahoma politics has a negative impact on business development. State Schools Superintendent Ryan Walters has done untold damage to the state's image and perception as a business-friendly state. Companies consider the education of their employees' families as a key point in their expansion plans. Walters' rambling political agenda is self-serving and detrimental to our expansion efforts. The careless and derogatory remarks made by the lawmaker attract national attention. Companies and their boards are watching closely. You may be wondering, “Is Oklahoma really the best place to relocate my employees and their families?”
Education is important. The per pupil expenditure is disastrous. It ranks 45th in the nation. All students in Oklahoma, from rural to urban areas, deserve the same educational and career path. It has nothing to do with persuasion. The economy will not grow unless we improve public education. It's that simple.
Phil G. Busey Sr. is Chairman and CEO of DRG and the Busey Group of Colorado.
