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The Crossroads of America
Greater Oklahoma City is in the geographic center of North America equidistant from the east and west coasts and major trade partners of Canada and Mexico. The ten county region is at the crossroads of the U.S., sitting at the heart of three major national highways on the NAFTA corridor.
There's a reason Greater Oklahoma City is such a great place for business: Location. The ten county region is positioned within a day's drive of the rapidly-growing south-central region (OK, TX, AR, LA) projected to grow more than 44% during the next 25 years.
Explore the counties and cities of Greater Oklahoma City including major employers and higher education. The ten county region boasts an average commute time of 20 minutes and a skilled workforce over half a million strong.
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Forbes names Oklahoma City as nation's most affordable
Noting low costs of living and good jobs, Forbes named Oklahoma City America's Most Affordable City.
At the height of the Great Recession, Forbes.com said Oklahoma City was the most recession-proof city in the country. Two and a half years later, the magazine has given the city another top ranking.
Noting low costs of living and good jobs, Forbes named Oklahoma City as America's Most Affordable City.
The magazine also noted Oklahoma City's friendly residents and an unemployment rate well below the national average, 6.3 percent compared to 9.5 percent.
"We searched for cities that had a balance of cheap living and economic prosperity - places with solid job markets, but where costs aren't prohibitive," magazine editors said. "In these cities, costs have stayed down, but residents have held onto steady incomes and decent jobs, making them a true bargain."
Forbes looked at all metropolitan statistical areas with populations of at least 100,000. They were ranked on the cost of a basket of goods and services, including groceries, health care and transportation, as of the second quarter of 2010.
The magazine also measured the monthly cost of housing as a percentage of household income.
The average sale price of an Oklahoma City-area home in September was $158,755, up 6.7 percent from September 2009, and the median price was $135,000, up 4.8 percent, according to the Oklahoma City Metro Association of Realtors.
The next four spots on the Forbes list went to Pittsburgh; Buffalo, N.Y.; Rochester, N.Y.; and Nashville, Tenn. The top 10 also includes three Texas cities: San Antonio, Houston and Austin, along with Louisville, Ky., and Birmingham, Ala.
"State capitals and university towns have vibrancy because of their job base, the stability of jobs and cultural diversification," said James Gaines, a research economist at the Real Estate Center at Texas A&M University.
Continuing praise
The ranking was the latest in a string of kudos for Oklahoma City. In October, Oklahoma City was named a Top 25 Performing City by the Milken Institute, No. 7 Best City for Income Growth by Portfolio.com, a Top 5 Fastest Growing City by Forbes and a Top 10 State for Doing Business by Area Development Magazine.
"In times like these, value is key to everything we do as a chamber," said Roy Williams, president and CEO of the Greater Oklahoma City Chamber. "From attracting new business, retaining and fostering growth with our current companies to attracting conventions and visitors, the number one factor on everyone's mind is value. Affordability isn't always about being the cheapest, it is also about the quality you get for your dollar."
The Boeing Co. recently announced plans to move 550 high-paying engineering jobs here. The company cited low costs of living and doing business and economic development incentives in the decision to move the jobs from Long Beach, Calif.
State study calls for strengthening aerospace sector
The report suggests a cooperative effort by several entities.
Published: Friday, September 25, 2009 7:00 am By: D.R. StewartOklahoma needs to mount a cooperative effort to retain and expand the aerospace industry, a state study has found.
"Strategic Plan For the Growth of Oklahoma's Aerospace Industry" identifies aerospace as the cornerstone of the state's economy, employing more than 143,000 people with a payroll of $4.7 billion and industrial output of $12 billion.
The report, focuses on the state's strengths and weaknesses and calls for a cooperative effort between industry, local and state governments, schools and research institutions.
Sponsors of the project were the Oklahoma Department of Commerce, the Oklahoma Aeronautics Commission, Greater Oklahoma City Chamber, Tulsa Metro Chamber, Ardmore Development Authority and the Ponca City Development Authority.
Oklahoma's assets include Tinker Air Force Base in Oklahoma City, which employs 26,000 people; the Federal Aviation Administration's Mike Monroney Aeronautical Center, employing 6,500 in Oklahoma City; American Airlines' Tulsa Maintenance & Engineering Center, where 7,000 are employed; Spirit AeroSystems and Nordam Group in Tulsa, which employ, respectively, 2,200 and 2,000; and 300 aerospace companies employing thousands more who produce aircraft components, sub-assemblies and repair parts.
"The Oklahoma Aeronautics Commission estimates that Tinker annually outsources approximately $5 billion in contracts for MRO (maintenance, repair and overhaul) work; roughly only $500 million of that work is provided by Oklahoma companies," the study says.
"Capturing a larger share of those MRO contracts could provide for a growth opportunity for statewide companies.
"Independent MROs have the opportunity to bundle their offerings, making them more attractive to operators for getting more done in one spot -- reducing costs, downtime and administrative overhead."
The report also identifies opportunities for Oklahoma aerospace companies in unmanned aerial systems, intelligent systems, remote condition monitoring, predictive maintenance and integration between routine and MRO services.
But the state also has challenges to overcome in the forms of lack of research institutions, research and development funding, and science and math education, the study finds.
"Aerospace increasingly relies on new technologies and materials, yet Oklahoma's overall rating in innovation ranks them well below national averages," the report says.
"While the state has a long history of investing in science and technology, the scale of investment is lower than other states.
"Likewise, statewide efforts to increase science, technology, engineering and mathematics education at both K-12 and post-secondary issues will drive not only the competitiveness of aerospace companies but all industries in Oklahoma that rely on technical workers."
Dennis Altendorf, aerospace consultant for the Tulsa Metro Chamber, said the report underscores the need for investment in infrastructure, research and education.
"If you're going to win big, you're going to have to bet big to grow this industry and keep it relevant," Altendorf said.
D.R. Stewart 581-8451 don.stewart@tulsaworld.com