- Although a primary goal of economic development is to diversify the economy, it is nonetheless prudent to seek ways to maximize the economic benefits of the area’s dominant industry of oil & gas.
- The optimal strategy is likely one that involves seeking to develop energy-related segments, but also focuses on industries which offer diversification.
- Due to its location proximate to one of the most important oil and natural gas basins in the world, Odessa has a clear incentive to optimize the economic growth and stimulus that can come from that source of business activity. In addition, over the past several years, the area has developed other cornerstone industries, including healthcare. Every $1 provided in incentives to companies in the area generates $65 in total spending each year, $35 in output (gross product) and $19 in income.
- Since 1999, the results of the efforts of the ODC indicate an impressive annual return on economic development investments of approximately 38.8%.
Odessa’s economic development investments have been extraordinarily effective since the Type A tax was adopted in 1997.
“Odessa has provided exceptional returns to the taxpayers. The Federal highway system has long been considered the ‘gold standard’ for return on economic development investments. That gold standard was 32%, and ODC exceeds that marker by a wide margin.”
– Ray Perryman, The Perryman GroupDownload the Full Perryman Report