ODC Unveils Comprehensive Target Industry Analysis

The Odessa Development Corporation (ODC) is excited to announce the completion of a comprehensive target industry analysis. This analysis was conducted by the national economic development strategy firm Golden Shovel Agency (GSA) and involved extensive input from local business and community leaders.

“We are thankful to the many supportive business leaders that participated in this undertaking,” said Tom Manskey, director of the Odessa Chamber of Commerce Economic Development Department. “They are helping to shape a strategic vision for Odessa's economic future, and we remain committed to enhancing the quality of life for Odessa residents through targeted attraction efforts and informed decision-making.”

STRENGTHS

Workforce and Site Availability

Odessa's workforce is a standout feature, boasting a skilled labor pool that can cater to a variety of industries. Coupled with ample site availability, which offers ready-to-develop land for new and expanding businesses, Odessa becomes an irresistible destination for companies looking to establish or grow their presence.

Infrastructure and Regulatory Climate

The city's infrastructure, including transportation networks, utilities, and communications systems, was highlighted as a significant asset. Additionally, Odessa's favorable tax and regulatory environments create a business-friendly climate that encourages investment and expansion. These factors collectively position Odessa as a prime location for business growth.

Community Support

Surveys and interviews with local leaders have revealed a strong community commitment to supporting growing companies. This support is characterized by a collaborative spirit and the availability of resources to assist businesses at various stages of development. The collaboration between local government, educational institutions, and economic development organizations creates a nurturing environment for business success. The ODC recognizes the crucial role of local businesses in this economic development plan and is committed to fostering a strong partnership with them.

Industry Interconnectedness and Economic Resilience

Notably, the analysis underscored the interconnected nature of the recommended industries, such as renewable energy manufacturing, professional services and construction. This interconnectedness fosters a resilient economy that can withstand market fluctuations and external shocks better. It aligns with Odessa's historical role in ensuring U.S. energy independence and national security, positioning the city to continue contributing significantly to these critical areas.

KEY INDUSTRY FOCUS

The ODC is dedicated to fostering growth and innovation by attracting and nurturing key industries identified through comprehensive recommendations from GSA. Focusing on these industries addresses crucial national and local needs and ensures long-term economic resilience and prosperity for Odessa.

Renewable Energy Manufacturing Hub

Odessa has long been a powerhouse for the United States' energy independence, historically relying on fossil fuels. Odessa is uniquely positioned to lead this transformation as the nation pivots toward renewable energy. By becoming a manufacturing hub for renewable energy components like solar panels, wind turbine parts, and battery storage, Odessa can reduce reliance on foreign-made parts and enhance U.S. energy security. 

Renewable Energy

Federal policy and financial incentives have catalyzed significant investments in renewable energy. The Permian Basin, already an established energy hub, can expand its definition to include all forms of energy production. Odessa has the natural assets the renewable energy industry needs, primarily abundant solar and wind, along with the land necessary for utility-scale projects, where significant investments are being made.

Advanced Manufacturing

Odessa's thriving energy and manufacturing sectors urgently need additional suppliers. By expanding manufacturing capabilities within Odessa, the entire Permian Basin will have enhanced operational efficiency and economic output. The existing manufacturing needs are diverse, including parts for oil and gas equipment, renewable energy components, pumps, motors, valves, fittings, batteries, and automation equipment. Additionally, machine and welding shops and 3D manufacturing facilities would significantly augment Odessa's business ecosystem. Odessa's strategic interstate and rail access is ideal for shipping finished products nationwide. 

Professional Services Sector

To support business expansion and retain local revenue, the ODC aims to grow the professional services sector. Odessa offers professional office space and access to an international airport, making it convenient for professional services companies to establish and expand operations. In cybersecurity, engineering, design, staffing, and office support, opportunities abound. 

Construction Industry Growth

As Odessa prepares for significant population growth, the construction industry must expand to meet the demand. The influx of thousands of new jobs will necessitate the construction of homes and commercial properties. Odessa College's programs will be crucial in developing the skilled trades and construction workers needed for this expansion.

The Odessa Development Corporation is committed to continuing to develop Odessa into a thriving, diverse economy. By attracting renewable energy manufacturers, expanding the professional services sector, growing the construction industry, and enhancing retail and entertainment options, Odessa is poised to become a beacon of economic resilience and quality of life in Texas. Local companies will benefit from a more robust, self-sufficient economy, while new businesses will find a welcoming, supportive environment to thrive. For more information, please contact Tom Manskey.