Oklahoma City Economic Overview

         The Oklahoma City Metropolitan Statistical Area (MSA) is located in the central part of Oklahoma and covers approximately 4,248 square miles through six counties, including Oklahoma, Canadian, Cleveland, McClain, Pottawatomie, and Logan counties.  Oklahoma City is the most populous city in the State of Oklahoma and is the 29th largest city in the United States.  Between 1995 and 2005, both Oklahoma City and the Oklahoma City MSA population grew by approximately 13%.  At the end of 2005, the Oklahoma City MSA population was 1,156,800.

       Oklahoma City is located in the center of the State and is readily accessible via three major interstate highways.  Interstate Highway 35 (the NAFTA Highway) extends north/south through Oklahoma City from Duluth, Minnesota to Laredo, Texas.  Interstate Highway 44 reaches  (southwest to northeast) diagonally across the State from Wichita Falls, Texas to St. Louis, Missouri, passing through both Tulsa and Oklahoma City.  Interstate Highway 40 crosses the United States in an east/west direction, extending from Raleigh, North Carolina to Los Angeles, California.  All three of these routes pass through Oklahoma City providing direct access to all regions of the United States.

        This centrality is a strategic logistical benefit in that numerous major markets, including Chicago, Houston, Nashville, and Dallas, can be reached by truck on a same-day basis.  Additionally, nearly every major United States market from Los Angeles to New York can be reached from Oklahoma City on an overnight basis.

        Four airports serve Oklahoma City.  Excellent commercial facilities are available at Will Rogers World Airport, 7 miles from the City's Central Business District.  Will Rogers Airport has over 8,000 acres of land, which makes it one of the 10 largest airports in the country in land area and ready to support the future growth of the Oklahoma City region.  American, Delta, Southwest, Continental, United, Comair, and Northwest Airlines serve Will Rogers World Airport and average about 76 departures per day.  As a thriving business center, the Will Rogers World Airport is home to 67 companies, including the Mike Monroney Aeronautical Center, the Federal Bureau of Prisons Transfer Center, Southwest Airlines Reservation Center, and the Metro Tech Aviation Career Center.

       Wiley Post Airport is located in northwest Oklahoma City and has been specifically designed to accommodate general aviation and private aircraft.  The other 2 airports in Oklahoma City are the Clarence E. Page and the Sundance Airports, both home to various thriving aviation industries.  The major railroads serving Oklahoma City are Burlington Northern/Santa Fe and Union Pacific.

Labor Market Overview

       In 2001, in a statewide vote, Oklahoma was named a "Right to Work" state. In January 2004, Expansion Management Magazine released its 4th annual "America's 50 Hottest Cities", and Oklahoma City was ranked 9th in the Nation.  Expansion Management Magazine is a monthly business magazine for executives of companies that are considering a new place to expand or relocate their facilities within 1 to 3 years. The magazine surveyed 75 of the industry's most prominent site location consultants who were asked to name the cities their clients found most attractive. Business climate, workforce quality, operating costs, incentive programs, and ease of working with local, political, and economic development officials were also taken into consideration.

       The Oklahoma City MSA enjoys higher labor force productivity than most metropolitan areas nationally. The labor force is relatively well educated and maintains high ethical standards. As of November 2005, the unemployment rate in the Oklahoma City MSA was 4%.  Oklahoma City has a diversified economy with manufacturing, distribution, service, government, retail, and other trades leading employment.  Even though there was a decline in non-farm employment in 2002 and 2003, from 1995 to 2005, total non-farm employment in the MSA grew from 475,500 to 554,600.

       High retail trade activities are a direct result of Oklahoma City's centralized location and its easy accessibility.  The unique nature of Oklahoma's urban structure, with only 2 major urban centers (Oklahoma City and Tulsa), enhances Oklahoma City as being a major retail center.  Presently there are 21 trade areas with 214 centers throughout the Oklahoma City MSA with total taxable sales of $8.5 billion annually.

       The services sector should continue to provide a substantial number of new jobs.  This sector now accounts for 33% of Oklahoma City metro employment and has been a key to the strong job formation enjoyed in the area, boasting average annual employment gains of 4.6% since 1998.

       The vibrant OKC area construction sector has also contributed to the local workforce expansion, generating nearly 3,000 new jobs since 2000.  Construction hiring has grown in the last 5 years and should remain a bright spot in metro employment for 2006.  Several highly-visible construction projects continue in the Oklahoma City area as well. Ongoing projects include a few multi-family housing developments, the expansion of the Oklahoma Health Sciences Center, the “MAPS for Kids” projects ($750,000,000 total), and new industrial facilities.

       In 1993, the citizens of Oklahoma City voted and passed a five-year, one-cent sales tax to fund the most comprehensive and aggressive downtown revitalization program ever undertaken in the United States (the "MAPS" projects). This $350 million revitalization has transformed Oklahoma City's entertainment, cultural, sports, and convention offerings through several major projects.

       The MAPS projects have spurred other private and public developments and have created over a $2 billion renaissance of sweeping changes and improvements across nearly every sector.

       With low unemployment, affordable housing, an increasing tax base, an excellent education system, and the "can-do" attitude of its citizens, Oklahoma City provides residents with an excellent place to live and work. A diverse and strong economy with continued growth of new and expanding businesses continues to add jobs and population to the Oklahoma City MSA.