City of McAlester

PROJECT PURPOSE

The McAlester community has suffered severe economic losses during the COVID-19 pandemic. Two major employers, Spirit AeroSystems and National Oilwell Varco closed their McAlester operations and left behind 450 workers. Many of these jobs were considered the highest quality jobs in the community. These losses have led to low morale and pessimism about the McAlester market and future growth. To help combat economic stagnation, the City of McAlester is proposing the creation of the McAlester Aerospace & Technology Accelerator within an existing 10,000 square foot building at the McAlester Regional Airport. This facility would be operated as a business incubator and accelerator, for new and existing businesses, and will be dedicated to serving the growing aerospace industry. The Accelerator will improve the survival rate of new businesses, create jobs and wealth for the community, advance the aerospace industry, and help inspire a culture of entrepreneurism in the next generation.

EVIDENCE

A 2010 study from the National Business Incubation Association (NBIA) found that companies that participated in a business incubator had an 87% success rate, nearly double the 44% success rate of businesses that didn't incubate.

POPULATION DESCRIPTION

For the residents of McAlester and Pittsburg County, more businesses mean more employment opportunities. As startups stabilize and graduate from the Accelerator, their workforce needs will continue to grow. This includes skilled and unskilled labor. Some of the jobs expected to be created do not currently exist in McAlester. Residents pursuing careers related to Unmanned Aerial Systems will have the opportunity to stay in the community instead of being forced to leave to find work.

PERFORMANCE MEASURING

The Accelerator will be measured on the number of businesses created or recruited, total jobs created, and total wealth created. Requirements to provide this information can be included in each lease agreement with every business that utilizes the Accelerator.

ONGOING INVESTMENT AMOUNT

$

ONGOING INVESTMENT DESCRIPTION

None

ONGOING INVESTMENT REQUIRED

Able to continue operation without additional funding from the State of Oklahoma