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.
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.
The U.S. Air Force's new nine-year contract with Northrop Grumman Corp. for contractor logistics support for its KC-10 Extender refueling tanker aircraft should create about 30 jobs in Oklahoma.
Northrop will create a KC-10 Engine Program office at its current location near Tinker Air Force Base, company spokeswoman Leah Smith said.
No definite date for the office's opening was given, and Smith could not say what positions would be available. The office will support and work with the Air Force, she said.
"We are excited to partner with the Air Force on the KC-10 CLS program and are committed to working with the Air Force to ensure the KC-10 is ready to support air mobility requirements anywhere, anytime," Ronald Sugar, Northrop's chairman and chief executive officer, said in a statement.
Plane is in service
Under the contract, Northrop Grumman will provide supply chain management, depot-level logistics integration and support, engine maintenance, aircraft maintenance and modifications for the KC-10 refueling tanker airplane with several other team members, including Illinois-based AAR Corp., British Colombia-based MTU Maintenance and Chromalloy Gas Turbine LLC.
Chromalloy, a business unit of New York-based Sequa Corp., has a facility in Midwest City capable of providing repairs, overhaul and manufacture of turbine vanes and blades, compressor stators, seals and cases for military and commercial gas turbine engines.
The contract has an estimated value of $3.8 billion, Smith said. Chromalloy's portion is valued at $540 million over nine years, said company spokeswoman Cathy Gedvilas.
The KC-10 tanker/cargo aircraft is part of the Air Force' Air Mobility Command arsenal and has supported anti-terrorist and humanitarian operations around the globe. Production work on the planes will take place at Northrup's facilities in Louisiana and North Carolina.