Odessa Development Corporation’s 2023 Year In Review: Igniting Growth and Fueling Opportunities

Odessa Development Corporation’s 2023 Year In Review: Igniting Growth and Fueling Opportunities Main Photo

17 Jan 2024

As we bid farewell to 2023, the Odessa Development Corporation (ODC) proudly reflects on a year marked by significant achievements and unprecedented growth. The collaborative efforts of our businesses, local organizations and community have propelled Odessa to new heights.

Large Scale Projects that Defined 2023 for Odessa

One of the standout projects that defined the year was the collaboration with Liberty Oilfield. Liberty, a completion services company focused on hydraulic fracturing, engineering and wireline services, chose Odessa to construct a new 220,000-square-foot warehouse with a 60,000-square-foot regional office and training center.

With a capital investment of $34 million, the ODC awarded a five-year agreement, including a $2.5 million grant. This strategic move creates 456 full-time jobs and retains 1,000 existing positions, further fortifying Odessa’s economic landscape.

The groundbreaking for 1PointFive’s Direct Air Capture (DAC) project in Western Ector County followed closely in significance. With a staggering investment exceeding $1 billion, this project promises enduring positive implications for Odessa and Ector County. The project is anticipated to capture up to one million metric tons of carbon dioxide annually, propelling environmental responsibility, employing over 1,000 individuals during construction, and sustaining 75 jobs upon operation in late 2024.

Other Significant 2023 Milestones

Only Odessa Website Launch: The launch of the Only Odessa website emerged as a pivotal achievement. This digital platform serves as a gateway for businesses seeking a dynamic environment, showcasing the city’s vibrant offerings and incentives for growth.

Team Texas Site Selectors Event: August witnessed the prestigious Team Texas 2023 Site Selectors Event hosted in Odessa. This event, organized by the Texas Economic Development Council, spotlighted Odessa’s economic strength and attracted those eager to join our job creation, tax base growth, business promotion, economic diversification and workforce development mission.

Standard Industrial Manufacturing’s Expansion: Standard Industrial Manufacturing expanded its facility in Odessa from 4,000 to 22,000 square feet in 2023. With a capital investment of $3.46 million and an ODC grant of $900,551.82 over five years, this expansion generates 22 full-time jobs while retaining eight existing positions.

Downing Wellhead Equipment’s Consolidation: Downing Wellhead Equipment consolidated its two Permian Basin operations into a singular Odessa location. A $1.9 million capital investment, coupled with a $1.64 million ODC grant over five years, signals not only a consolidation of operations but the creation of 54 new full-time jobs and the retention of 57 positions.

GCC Permian’s Expansion: GCC Permian, a vital player in Ector County’s construction industry, is expanding and modernizing its existing plant. With a $400 million capital investment and an ODC grant of $2,118,588 over five years, GCC Permian’s expansion adds 3,000 metric tons daily of clinker production capacity. This move creates five new full-time jobs and retains 104 existing positions, contributing to Odessa’s status as an industrial powerhouse.

Looking Ahead to 2024

Upcoming in January is the ODC Workforce Summit. This summit is poised to bring together key stakeholders from various sectors, including employers, trainers, healthcare professionals and educators. The goal of the summit is to engage in a collaborative dialogue addressing workforce challenges and formulating solutions that will benefit all public and private employers.

As we stand ready to tackle the new year, the ODC board leadership is continuing to explore new avenues for business growth and capital investment in Odessa and Ector County. The focus extends beyond conventional economic development, with the board aiming to support workforce training, housing, childcare and other vital issues affecting workforce availability.

The ODC and its partners eagerly anticipate building upon its 2023 achievements. Odessa remains a haven for businesses ready to seize opportunities and contribute to the prosperity of our growing community.