Oklahoma § 74-5003.7 - Five-year economic development plan and updates

§ 74-5003.7. Five-year economic development plan and updates

A. The Oklahoma Department of Commerce shall prepare, with the

cooperation of the Oklahoma business community, agricultural

community, financial community, universities, labor, the state

executive and legislative branches, and the Oklahoma Workforce

Commission, a five-year economic development plan and annual updates

for this state.

1. The purpose of the plan shall be to identify significant

economic, social, and demographic trends which may have both shortterm and long-term impacts on the state and local economy and to

present strategies and recommendations that the state and local

political subdivisions might adopt to improve or stabilize the

economy.

2. The goals of the plan shall include the development of a

diversified state economy; the increase of employment; the maximum

use of federal, state and local funds to achieve the goals or

recommendations included in the plan; the maximum investment of

capital in the economy of the state; and the improvement of the

quality of life in the state.

3. The plan wherever possible shall make recommendations to

encourage intergovernmental cooperation and public and private

cooperation.

4. The plan shall include an economic development strategy for

the state that addresses target industries, site development, and

workforce needs to meet the state goals.

5. Copies of the plan and the annual updates shall be submitted

electronically to the Oklahoma Advisory Committee on

Intergovernmental Relations, the Governor, the Speaker of the House

of Representatives, the President Pro Tempore of the Senate and the

members of the Legislative Evaluation and Development Committee, as

created in Section 5090.1 of this title, and be made available to

the public on the Department’s website on the first day of each

legislative session.

6. The Department shall develop and manage a complete economic

information system which will support the five-year planning

process, and which will make available complete and timely

information on the state economy. The economic information system

Oklahoma Statutes - Title 74. State Government

shall be operated by public or private Oklahoma universities or an

Oklahoma enterprise capable of providing such services in a costeffective manner.

B. The Chief Executive Officer of the Oklahoma Department of

Commerce shall present the strategic plan to the Oklahoma Department

of Commerce Board, as created in Section 4 of this act, for

approval.

C. The Department, in conjunction with the Oklahoma Development

Finance Authority, is authorized to develop an infrastructure

program which will enable political subdivisions of this state to

finance public works projects in order to modify or improve existing

public facilities for purposes of bringing such facilities, and the

operation thereof, into compliance with and maintaining compliance

with federal, state and local laws and regulations pertaining to the

protection of the public health and the environment.

D. The Chief Executive Officer shall develop an annual business

plan for the Department. The business plan shall include the need

and mission of each division of the Department created by law or the

Chief Executive Officer and an analysis of past costs and benefits

and future projected costs and benefits to the state of the programs

of each division of the Department. The business plan shall be

consistent with the goals of the recurring five-year plan specified

in this section. The Chief Executive Officer shall distribute

copies of the business plan by such means that will make it widely

available to communities, firms and local economic development

managers throughout this state.

Added by Laws 1986, c. 207, § 20, operative July 1, 1986. Amended

by Laws 1987, c. 222, § 14, operative July 1, 1987. Renumbered from

§ 5014 of this title by Laws 1987, c. 222, § 122, operative July 1,

1987. Amended by Laws 1987, c. 236, § 57, emerg. eff. July 20,

1987; Laws 1991, c. 341, § 7, eff. July 1, 1991; Laws 1992, c. 330,

§ 6, emerg. eff. May 28, 1992; Laws 2002, c. 484, § 15, eff. July 1,

2002; Laws 2024, c. 377, § 5, emerg. eff. June 5, 2024; Laws 2025,

c. 133, § 3, eff. Jan. 1, 2026.