FEATURE STORY: March 27, 2006

Oklahoma City has a great story to tell and serves as a model for other cities around the country, according to the U.S. assistant secretary of commerce for economic development. “When you compare what this city looked like 20 years ago to today, it’s a great story, what’s happened here,” said Sandy Baruah, who also serves as chief of staff for the U.S. Economic Development Administration. “Oklahoma City turned a huge challenge into opportunity.”

Speaking to a gathering of 250 economic development officials attending the University of Oklahoma Economic Development Institute (OU EDI) April 3, the assistant secretary praised the institute for accumulating and sharing its cutting-edge knowledge and tools. “You are the critical link,” he said. “You are critical to the nation’s economic future.”

Baruah said the economy is strong and unemployment at 4.8 percent is considered to be full employment by some economists. The challenge is to continue to grow, strengthen consumer confidence and match the U.S. leadership role in an increasingly competitive environment.

To do that, Baruah said the Economic Development Administration has three main focus areas: innovation, entrepreneurship and regional competitiveness. “The future belongs to the innovators,” he said. “As the world grows flat, those best able to adapt and innovate will have the advantage.”

The assistant secretary also was impressed with the immense assets available through OU and Oklahoma State University. “You have two of the premier public research institutions in the nation right here,” he said.

He urged economic developers to foster relationships and serve as leaders in regional issues for economic gain. “In order for American companies to be fully competitive, the economic regions where they do business must be competitive,” Baruah said. “If we are too busy competing with each other, we lose sight of the challenge.”

Baruah promoted the Bush Administration’s American Competitive Initiative with $136 billion committed at the federal level for the next 10 years, the same amount dedicated to the Apollo space program in the Sixties. The 2007 federal budget includes a $47 million increase in the $200 million Economic Development Administration.

That funding, if approved, will be used for streamlining the federal grant process, supporting entrepreneurship and regional economic development efforts.

“The president has your back,” Baruah said.

In addition to members and instructors of OU EDI, the luncheon was attended by Jim Couch, city manager for the City of Oklahoma City and Roy Williams, CEO of the Greater Oklahoma City Chamber of Commerce. Williams said the five-day OU EDI conference was a great way to showcase Oklahoma City.

Visit the OU/EDI Website: http://edi.ou.edu