Economic Indicators

The Greater Oklahoma City Partnership is your go-to source for economic and trend analysis of the Oklahoma City regional economy.

The Greater Oklahoma City Chamber produces an annual economic forecast with a comprehensive analysis of the national, state and metro economies, including historic trend analysis, an overview of the current economic situation and a forecast of the upcoming year. Read the Greater Oklahoma City 2017 Economic Forecast now.

On this page you can see economic trends in the market updated monthly.

 

July 2017: OKC Ranks No. 2 for Best Places for Families

 

Source: HomeUnion, 2017

Metro Zip Code School Quality Rank Housing Affordability
Kansas City 64014 88.5 $159,700
Oklahoma City 73170 89.6 $165,000
St. Louis 63026 81.1 $167,000
Palm Beach 33496 87.9 $167,500
Chicago 60503 81.9 $168,000
Indianapolis 46112 86.3 $184,100
Cleveland 44147 87.1 $200,000
Philadelphia 19044 84.2 $217,500
Atlanta 30519 86.5 $220,000
Columbus 43065 86.1 $229,500
  • The zip code 73170, located in south Oklahoma City, ranked high in both school quality and housing affordability, resulting in the Oklahoma City metro being ranked No. 2.
  • HomeUnion analyzed neighborhoods with the most affordable homes and highest-ranked public schools.
  • HomeUnion shows that homes purchased within these zip codes will see property values increase faster than others in their metro.
  • The National Bureau of Economic Research found that for every dollar spent on public schools in a community, home values increased by $20.

Monthly Economic Indicators - prepared February 2017

Total Population

 

Source: U.S. Census Bureau, Population Estimates

Employment - OKCMSA

 

Source: U.S. Bureau of Labor Statistics; LAUS; Note: BLS Methodology changes resulted in revisions going back to Jan 2006

Nonfarm Employment

 

Source: U.S. Bureau of Labor Statistics; Not Seasonally Adjusted; Note: BLS Methodology changes resulted in revisions going back to Jan 2006

Nonfarm Employment (CES) - OKCMSA December 2016 December 2015 % CHANGE
Total Nonfarm 636,000 635,500 0.1
Goods Producing 82,100 85,100 -3.5
Service-Providing 553,900 550,400 0.6
Mining and Logging 14,800 18,000 -17.8
Construction 31,000 30,200 2.6
Manufacturing 36,300 36,900 -1.6
Trade, Transportation, and Utilities 113,300 113,900 -0.5
Retail Trade 70,500 69,500 1.4
Information 8,200 8,100 1.2
Financial Activities 34,900 33,300 4.8
Professional and Business Services 78,000 80,400 -3.0
Education and Health Services 95,400 90,900 5.0
Leisure and Hospitality 67,500 68,600 -1.6
Other Services 24,400 24,700 -1.2
Government 132,200 130,500 1.3

Average Weekly Earnings

 

Source: U.S. Bureau of Labor Statistics; Not Seasonally Adjusted; Earnings of Production Employees

Average Weekly Earnings - Oklahoma December 2016 December 2015 % CHANGE
Mining and Logging $1,190.80 $1,166.22 2.1
Manufacturing $758.65 $768.95 -1.3
Wholesale Trade $800.43 $738.34 8.4

Building Permits

 

Source: U.S. Census Bureau; New Privately Owned Housing Units Authorized

Building Permits - OKCMSA December 2016 December 2015 % CHANGE
Total 419 406 3.2
Single Unit 402 394 2.0
Double Units 12 12 0.0
3 & 4 Units 0 0 0.0
5 + Units 5 0 >100.0
Bldgs w/ 5+ Units 1 0 >100.0

Residential Sales

 

Source: Oklahoma City Metro Realtors Association - MLS Statistics

Residential Sales - OKC December 2016 December 2015 % CHANGE
Total Closed 1,692 1,548 9.3
Median Sales Price $158,000 $153,000 3.3
Average Interest Rate NA NA NA
Average Days on Market 61 72 -0.2

FHFA House Price Index - OKCMSA

 

Source: Federal Housing Finance Agency; All-Transactions Index (Estimated Using Sales Prices and Appraisal Data)

FHFA House Price Index - OKCMSA Q3-2016 Q3- 2015 % CHANGE
OKCMSA 204.66 196.90 3.9

Apartment Rent Rates

 

Source: C2ER

Apartment Rent Rates - OKC Q4-2016 Q4-2015 % CHANGE
Average cost of 900sf, 2bed, 1 bath 818.00 794.00 3.0

CPI

 

Source: Bureau of Labor Statistics; All Urban Consumers; Unadjusted Index; All Items

CPI December 2016 December 2015 % CHANGE
Composite (CPI-U) U.S. City Average 241.4 236.5 2.1

Major Airport Traffic

 

Source: Will Rogers World Airport

Major Airport Traffic December 2016 December 2015 % CHANGE
Year to Date Passengers 3,715,374 3,720,455 -0.1
Monthly Enplanements 158,181 159,120 -0.6
Monthly Deplanements 147,644 146,380 0.9

Tourism

 

Source: Smith Travel

Tourism - OKC December 2016 December 2015 % CHANGE
Hotel/Motel Occupancy Rates 48.1% 51.3% -6.2
Average Daily Rates $77.96 $80.36 -3.0

Commercial Real Estate

 

Source: * Xceligent Q3 2015 and 2016 Industrial, Office

Commercial Real Estate - OKCMSA Q4 2016 Q4 2015 % CHANGE
Office Vacancy Rate (Direct) 13.0% 10.9% 19.3
Office Rental Rate (Direct/Weighted Avg.) $17.88 $17.04 4.9
Industrial Vacancy Rate 6.2% 6.2% 0.0
Industrial Rental Rate (Weighted Avg.) $4.51 $4.22 6.9

c2ER Cost of Living Index

 

Source: C2ER; 100 represents national avg; Example: 84.6 indicates that OKC is 15.4% below the nation in cost of living

C2ER Cost of Living Index - OKC Q4-2016 Q4-2015 % CHANGE
Composite (All Items) 84.6 88.1 -4.0
Grocery Items 91.5 91.2 0.3
Housing 71.4 75.3 -5.2
Utilities 89.7 102.6 -12.6
Transportation 82.2 89.5 -8.2
Health Care 90.5 95.1 -4.8
Misc. Goods & Services 90.8 91.9 -1.2

Sales Tax Receipts

 

Source: Oklahoma Tax Commission; December 2016 News Release

Sales Tax Receipts - OKC December 2016 December 2015 % CHANGE
Primarily December 2016 w/ January 2017 estimates $32,829,527 $34,911,211 -6.0

July 2017: OKC Ranks No. 2 for Best Places for Families

 

Source: HomeUnion, 2017

Metro Zip Code School Quality Rank Housing Affordability
Kansas City 64014 88.5 $159,700
Oklahoma City 73170 89.6 $165,000
St. Louis 63026 81.1 $167,000
Palm Beach 33496 87.9 $167,500
Chicago 60503 81.9 $168,000
Indianapolis 46112 86.3 $184,100
Cleveland 44147 87.1 $200,000
Philadelphia 19044 84.2 $217,500
Atlanta 30519 86.5 $220,000
Columbus 43065 86.1 $229,500
  • The zip code 73170, located in south Oklahoma City, ranked high in both school quality and housing affordability, resulting in the Oklahoma City metro being ranked No. 2.
  • HomeUnion analyzed neighborhoods with the most affordable homes and highest-ranked public schools.
  • HomeUnion shows that homes purchased within these zip codes will see property values increase faster than others in their metro.
  • The National Bureau of Economic Research found that for every dollar spent on public schools in a community, home values increased by $20.

June 2017: OKC Ranks No. 1 for Best Large Cities to Start a Business

 

Source: WalletHub, 2017

Rank City Total Score Business Environment Rank Access to Resources Rank Business Costs Rank
1 Oklahoma City 56.85 6 71 21
2 Salt Lake City 55.14 101 1 25
3 Charlotte 54.9 14 36 48
4 Tulsa 54.16 53 35 12
5 Grand Rapids 54.02 48 55 10
6 Durham 53.59 69 14 29
7 St. Louis 53.54 68 28 8
8 Austin 53.37 4 9 127
9 Amarillo 53.31 25 19 82
10 Sioux Falls 52.77 50 64 18
  • WalletHub compared the 150 most populated U.S. cities searching for the “Best Large Cities to Start a Business.”
  • WalletHub ranked Oklahoma City No. 1 using 16 key metrics such as office space affordability, educational attainment of the local labor force and five-year survival rate.
  • OKC ranked No. 1 for energy costs and No. 3 for cost of doing business for metropolitans with more than one million people, according to Moody’s North American Business Cost Review, 2016.

May 2017: OKC Ranks No. 2 for First-Time Homebuyers

 

Source: SmartAsset, 2017

Rank City # of Mortgage Lenders Loan Funding Rate Avg. Value per SF Market Volatility Negative Quarters Since 2011 Index
1 Pittsburgh, PA 35 79% $82.08 1.40% 0 100
2 Oklahoma City, OK 83 75% $77.67 2.10% 4 91
3 Omaha, NE 56 84% $107.08 2.10% 5 87
4 Indianapolis, IN 73 77% $70.58 2.30% 5 83
5 Tulsa, OK 51 74% $71.83 2.40% 5 80
6 San Antonio, TX 125 63% $80.50 3.00% 3 78
7 Houston, TX 204 69% $87.50 4.10% 4 73
8 Colorado Springs, CO 85 78% $124.92 3.70% 5 72
9 Fort Worth, TX 48 74% $86.33 4.10% 5 71
10 Louisville, KY 72 75% $87.92 2.30% 5 70
  • Oklahoma City ranked No. 2 on the list for “The Best Cities for First-Time Homebuyers” based on affordability, mortgage availability and the stability of the housing market in every U.S. city with a population of more than 300,000.
  • According to Zillow, the average value per square foot of residential real estate in OKC is just $77.67, ranking among the lowest in the United States.
  • Oklahoma City’s market has been among the most stable in the past five years; the quarterly FHFA home price index has declined on just four occasions since Q1 2011.

April 2017: OKC Ranks No.8 for Educated Millennial Population Growth

 

Source: Forbes; U.S. Census Bureau American Community Survey One-Year Estimates, 2010-2015

City Educated Millennials Core City Population Percentage Growth Educated Millennials Metro Area (Excl. core city) Percentage Growth Ratio of Core City Growth to Metro Area Growth
Providence 26.4% -0.6% 47.42
Birmingham 56.2% -6.9% 8.2
Richmond 35.0% 6.4% 5.47
Salt Lake City 57.7% 11.0% 5.24
New Orleans 34.3% 12.9% 2.65
Hartford 65.7% 27.0% 2.44
San Jose 34.0% 14.1% 2.4
Oklahoma City 20.0% 8.5% 2.34
Louisville 10.4% 6.6% 1.86
Milwaukee 24.9% 17.0% 1.46
Jacksonville 33.3% 26.5% 1.26
Indianapolis 28.4% 22.7% 1.25
Nashville 45.0% 42.0% 1.07
Memphis 10.7% 10.0% 1.07
Raleigh 18.8% 19.7% 0.96
Tucson 2.4% 3.3% 0.73
Grand Rapids 51.5% 88.6% 0.58
Buffalo -4.6% 15.6% 0.29
Norfolk 1.8% 23.4% 0.08
Rochester -12.9% 22.2% -0.58
  • Educated millennials are defined as those between the ages 25-34 with a bachelor’s degree or more.
  • Larger numbers of educated millennials are seen as an indicator of urban revitalization.
  • The Greater Oklahoma City region currently has 19 colleges and universities with 142,574 students enrolled in the 2015-2016 school year.
  • Oklahoma City also ranks No. 8 in the top ten cities in which millennials are buying homes.

March 2017: Cost of Living in OKC

 

Source: C2ER Cost of Living Index, 2016 Annual Average Data
Source: Oklahoma State Regents for Higher Education – Data After Five Years for All State System Graduates 2008-2009 (Graphs depict data of the 2008-2009 graduates working in the Greater Oklahoma City Region)

  • If you are earning $70,000 after tax in Boston, the comparable income to achieve the same standard of living in Oklahoma City is $39,993.
  • How much less will you spend in Oklahoma City than Boston?
    • Groceries ......................................13%
    • Housing .........................................65%
    • Utilities............................................43%
    • Transportation ..............................27%
    • Health............................................32%

February 2017: Five years after graduation – How are we doing at retaining our college graduates?

 

Source: Oklahoma State Regents for Higher Education – Data After Five Years for All State System Graduates 2008-2009 (Graphs depict data of the 2008-2009 graduates working in the Greater Oklahoma City Region)

  • More than 25,000 students graduated from an Oklahoma college or university in 2008-2009.
  • Five years later, about 62 percent of those graduates were found to be working in Oklahoma.
    • Of those nearly 16,000 statewide graduates, about 60 percent are working in the Greater Oklahoma City region while 20 percent are working in the Tulsa region.
    • Of the Ph.D. graduates, 95 percent work in the Greater Oklahoma City region.

January 2017: OKC Ranks No. 8 in “Fastest Growing Median Wage Growth”

 

Source: Bureau of Labor Statistics

Rank Metro Median Wage Growth (2005 – 2015)
1 San Antonio, TX 9.50%
2 Pittsburgh, PA 7.50%
3 San Jose, CA 7.20%
4 Houston, TX 6.40%
5 New Orleans, LA 6.30%
6 Washington, D.C. 6.20%
7 Salt Lake City, UT 5.60%
8 Oklahoma City, OK 5.30%
9 Virginia Beach, VA 5.20%
10 Seattle, WA 4.30%
  • Headlight Data conducted a study of median wage growth in the 53 largest metropolitan regions with populations over 1 million from 2005-2015. Oklahoma City ranks No. 8 with 5.3 percent median wage growth.

Source: Moody’s Analytics

North American Business Cost Review                    
Metro Cost of Doing Business   Unit Labor Cost   Energy Cost   State & Local Tax   Office Rent  
  Index Rank Index Rank Index Rank Index Rank Index Rank
Oklahoma City, OK 86 3 105 27 75 1 64 5 62 T-6
Kansas City, MO 93 14 114 46 91 15 77 14 62 T-6
Nashville, TN 82 1 100 14 93 16 66 8 51 1
Indianapolis, IN 88 T-6 96 6 102 24 96 34 62 T-6
San Antonio, TX 88 T-6 92 3 86 9 63 3 87 34
  • Moody’s Analytics released the 2016 edition of the North American Business Cost Review. Indices were calculated for each category based on different factors such as employment, electricity sales, wage and salary disbursements, etc.
  • Oklahoma City ranked in the top five in the lowest Cost of Doing Business, Energy Cost, and State & Local Tax categories

December 2016: Assessing Unemployment Rates in Oklahoma City MSA

 

  • Using data from the Bureau of Labor Statistics, we have identified the lowest and highest rate of unemployment in the Oklahoma City MSA.
  • Legal occupations enjoyed the lowest unemployment rate at 0.6 percent while farming and fishing occupations had the highest at 7.0 percent.
  • The chart above also shows how the OKC MSA unemployment rate has compared to the state and nation in 2016.

November 2016: OKC Ranks No. 9 in “Best Cities for People with Disabilities”

 

Source: Wallethub, U.S. Census

Ranking City Index Score ‘Economy’ Rank ‘Quality of Life’ Rank ‘Health Care’ Rank
1 Overland Park, KS 65.65 1 78 1
2 Scottsdale, AZ 60.94 2 39 23
3 Lincoln, NE 58.76 11 41 4
4 Gilbert, AZ 57.49 4 63 27
5 Peoria, AZ 56.51 6 47 36
6 Huntington Beach, CA 56.01 54 33 7
7 Honolulu, HI 55.8 65 1 49
8 Irvine, CA 55.49 74 29 5
9 Oklahoma City, OK 54.84 21 62 6
10 Chandler, AZ 54.67 10 54 40
  • WalletHub compared the 150 most populated U.S. cities to determine the most disability-friendly cities in America.
  • Wallet Hub used 25 metrics such as “number of physicians per capita” and “park accessibility” to compile an index score for each location.
  • Oklahoma City ranked No. 9 overall and No. 6 in health care, proving to be a disability-friendly city.

October 2016: OKC Ranks No. 7 in “Best Cities to Start a Career”

 

Source: Wallethub, U.S. Census

Ranking City Index Score ‘Professional Opportunities’ Rank ‘Quality of Life’ Rank
1 Salt Lake City, UT 69.56 1 10
2 Denver, CO 65.27 3 14
3 Austin, TX 64.37 9 7
4 Sioux Falls, SD 63.85 7 12
5 Minneapolis, MN 62.67 8 16
6 Raleigh, NC 62.29 16 9
7 Oklahoma City, OK 62.11 5 32
8 Amarillo, TX 61.94 6 33
9 Houston, TX 61.04 2 59
10 Corpus Christi, TX 60.1 4 74
  • WalletHub compared the 150 most populated U.S. cities for professional opportunities and quality of life to find the best cities to start a career.
  • Using 17 metrics such as availability of entry-level jobs, annual job-growth rate and median annual income, WalletHub determined the strength of each city’s job market as well as the attractiveness of the social setting.
  • Oklahoma City ranked No. 7 due to positive professional opportunities ranking and a high quality of life ranking.

September 2016: OKC Ranks No. 1 in “Top 10 Large Cities in America for Seniors”

 

Source: Senior Advice, U.S. Census, 2016

Ranking Metro Health & Safety Recreation & Leisure Quality of Life SeniorScore
1 Oklahoma City, OK 70 71 77 80
2 Austin, TX 71 65 84 79
3 Pittsburgh, PA 76 78 61 79
4 Louisville, KY 67 70 70 79
5 Fort Worth, TX 73 65 79 79
6 Richmond, VA 71 71 72 78
7 St. Louis, MO 69 74 69 78
8 Omaha, NE 74 71 63 78
9 Cincinnati, OH 70 75 65 77
10 San Antonio, TX 66 63 81 76
  • SeniorAdvice.com created a SeniorScore based on over 100 variables including health and safety, leisure and recreation, and overall quality of life and ranked the top 10 cities.
  • Oklahoma City tops the list by being the most livable city with access to senior housing and healthcare, a pleasant climate and a multitude of recreational options.
  • The study shows Oklahoma City has 716 pharmacies, 486 churches and 114 senior living facilities in the area.

August 2016: OKC Ranks No. 5 For “Least Expensive Places To Own A Home”

 

Source: US Census; 2013

Lowest Monthly Housing Costs      
Ranking City Median Monthly Housing Costs % of Income Spent on Housing Costs
1 Pittsburgh, PA $796 18%
2 Birmingham, AL $818 17%
3 New Orleans, LA $824 20%
4 Buffalo, NY $845 17%
5 Oklahoma City, OK $847 16%
Highest Monthly Housing Costs      
Ranking City Median Monthly Housing Costs % of Income Spent on Housing Costs
1 San Jose, CA $2,430 24%
2 San Francisco, CA $2,232 22%
3 Anaheim, CA $2,132 25%
4 Oakland, CA $1,983 24%
5 San Diego, CA $1,817 25%
  • Angie’s List determined which cities are the most and least expensive based on all home costs: mortgage, utility costs, real estate taxes, property insurance, maintenance and repairs.
  • Oklahoma City ranks No. 5 on the least expensive places to own a home.
  • When considering each location’s average wage, Oklahoma City ranked No. 1 on lowest percentage of income spent on housing costs.

July 2016: OKC Ranks #1 for Most Affordable Metros for Young Adults

 

Source: Economic Policy Institute, CareerTrends, 2016

Ranking Metro Population (Million) Estimated Monthly Budget
1 Oklahoma City, OK 1.3 $2,109
2 Cincinnati, OH 2.13 $2,117
3 Detroit, MI 4.29 $2,173
4 Cleveland, OH 2.07 $2,176
5 San Antonio, TX 2.24 $2,201
6 Memphis, TX 1.34 $2,231
7 Grand Rapids, MI 1.01 $2,234
8 Pittsburgh, PA 2.36 $2,260
9 Columbus, OH 1.95 $2,266
10 Minneapolis, MN 3.42 $2,269
  • CareerTrends found the 32 most affordable metros for young adults.
  • The average cost for young adults in large metros is $2,571 per month.
  • The Oklahoma City estimated monthly budget includes:
    Food: $271
    Healthcare: $189
    Housing: $486
    Other Necessities: $366
    Taxes: $322
    Transportation: $475

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