january 5, 2024

1/5/2024

Friday | January 5, 2024

WELCOME TO 2024

The start of a new year is a good time to look ahead. From an economic standpoint, it is often amusing, if not a little frustrating. to hear folks, particularly the media folks, talk about the economy as if it was a straight line upon which one moves forward or backward. The economy doesn’t move laterally…it spins. Think drunk football after a particularly bad punt. That’s in the best of times which, if you look at the macro numbers, we are in. But you don’t feel that do you? There is a whole lot of weird going on right now, due mostly to a whiplash effect from the pandemic which came at a time when economic changes were accelerating due to technology and a ruthless scorched earth search for efficiency. You know about inflation, which has had a terrible impact on the economy. Add to that the now decade-old workforce “shortage” and massively changing consumer behavior and it’s a recipe for chaos.

There has, for example, been a lot of talk in OKC recently about restaurant closures there. Restaurants, too, suffer from inflation and if they can’t pass the increases on to their customers (and keep their customers in the process) then guess what? We have seen some of that here in Ponca City but in a small community, it just seems more personal. Both here and in the metros, people have not had to compete for parking at retailers, but we all have had to share the roadways with Amazon, UPS and Fed Ex drivers delivering packages that used to leave stores in shopping carts. Even places of calm have experienced change. You may have read about the schism facing at least one major church denomination in OKC. In addition, new non-denominational churches are growing while some PIP (Preacher in Pulpit) churches are competing with video services and/or streaming. Judge not, but measure the economic impact.

The job front remains stable and strong. Families and individuals can do a lot when they have a job and right now jobs remain plentiful here in Ponca City. There will be some additional closings, some openings and a lot of noise from the political class. With uncertainties offshore in Eastern Europe, the Middle East and the Far East, it’s an uncertain year ahead. The local economic foundation looks strong, however, and that is a good way to start the new year. As the talking heads continue to ask “Will there be a recession?” PCDA can only say “Oh, if it were only that simple.”

Seeking Entry Level Employees

Stem education concept. Young inventor assambling radio control robot close up. DIY robot in science education class

Exercising your brain by learning a new skill or certification has been scientifically proven to increase a person's confidence (and pay). 2024 is the year to take that big step, try for the promotion you want and get some training. Ponca City just happens to have some amazing resources with the Pioneer Technology Center, The University Center and The Ponca City Library for the self-learner.

If you are ready for a new career, keep in mind a journeyman plumber's average wage in Oklahoma is $53,500 and it only goes up from there. Not sure what jobs are in growth mode? Check out this top Critical Occupations Top 100 list from Workforce Oklahoma. Several of these occupations are employed right here in Ponca City.

Starting or Buying A Business

Entrepreneurship Strategy Business Plan Brainstorming Graphic Concept

Entrepreneurs come in many shapes and sizes from those with a side gig from a room in the house to serial business owners. You know the type: they have three businesses or projects in progress and are always on the lookout for the next one. Every business owner has their speed; their way of growing or slowing sales and production. Are you interested in being an entrepreneur? Is your business "The Next Big Thing?" Do you need assistance valuing a potential business to buy?

PCDA and Pioneer Tech Business & Industry are ready to assist you at your speed. Give Kat a call, 580.761.3028, or email to see what the next step is for your business future. Succession planning and exit strategies are part of the conversation.