Economic Development 101: Fueling Odessa's Future

The Odessa Development Corporation (ODC) is committed to strengthening the local economy by attracting new businesses, helping current businesses expand, providing workforce development, facilitating public-private partnerships, and enhancing Odessa's quality of life.

We will explore the four pillars of the ODC's economic development mission and their tangible impact, including Business Attraction, Business Retention and Expansion (BRE), Workforce Development, and Public-Private Partnerships. Let's start with an overview of economic development and the ODC's four leading roles. 

What is Business Attraction?

Business Attraction is drawing new companies and industries to Odessa by promoting our strategic advantages, which include our pro-business climate, robust infrastructure, and skilled workforce. ODC works closely with industry leaders to highlight opportunities and offer incentives that make Odessa the ideal location for expansion.

Many companies engage site selectors to help find the right fit for their business. A professional site selection consultant helps the company identify the best location for talent, business operating costs, development options, and many other factors.

The ODC is focused on capturing the attention of companies and site selectors to attract companies in advanced manufacturing, renewable energy manufacturing, renewable energy, construction, data centers, and professional services to Odessa. Attracting these industries helps diversify our economy, create high-quality jobs, and position Odessa as a competitive business hub. 

What is Business Retention and Expansion?

Supporting Odessa's existing businesses is just as crucial as attracting new ones. BRE efforts ensure companies remain competitive through access to funding or new incentives, workforce training, and infrastructure support. Established businesses, whether small businesses employing three people or companies with thousands of employees, drive Odessa's economy forward. These businesses provide employment opportunities and continued investment to help them modernize, expand, and navigate challenges that strengthen our economic foundation.

What is Workforce Development?

By prioritizing workforce development, ODC can work with its education partners to ensure that Odessa's workforce has the necessary skills to meet the demands of growing industries. ODC collaborates with educational institutions and businesses to help meet the workforce needs of companies in Odessa. These training programs are designed to align with industry needs.

A well-trained workforce attracts businesses to Odessa and enables existing companies to expand confidently. By investing in local talent, we create opportunities for high-paying jobs and long-term career growth.

What are Public-Private Partnerships?

Public-private partnerships leverage the strengths of both public and private sectors to advance large-scale economic development projects that benefit the entire community. ODC funding comes from Type A sales tax revenue, which allows it to fund land, buildings, equipment, facilities expenditures, targeted infrastructure, and improvements for projects that promote or develop new or expanded business enterprises.

Collaboration enhances infrastructure improvements and industrial park developments. By combining resources and expertise, public-private partnerships create opportunities that neither sector could achieve alone.

A Vision for Odessa's Future

Odessa Development Corporation's strategic focus on Business Attraction, Business Retention and Expansion, Workforce Development, and Public-Private Partnerships ensures that our city remains a powerhouse for innovation and economic growth. By prioritizing industries that align with Odessa's strengths, such as advanced manufacturing, renewable energy manufacturing, renewable energy, construction, data centers, and professional services, we are shaping a prosperous future for businesses and residents alike.

Stay tuned as we continue our Economic Development 101 series, exploring how each pillar of economic development helps improve the quality of life in Odessa.