MAPS program spurs $7 billion in investment in Oklahoma CityPublished: Thursday, November 21, 2019 By: Chamber Staff Source: Greater Oklahoma City Chamber
An analysis by RegionTrack released recently found that the impact of Oklahoma City’s investments in the Metropolitan Area Projects (MAPS) totals more than $7 billion.
The report extends previous work completed in 2005 and 2009, which primarily focused on the influence of the first MAPS projects and the accompanying investment downtown. The new report updates outcomes for these early projects and provides an initial examination of the more recent efforts.
The overall results suggest that the initial public investment in MAPS triggered substantial additional public and private sector investment. To date, approximately $1.8 billion in city investment has been used or earmarked for the three rounds of MAPS projects in Oklahoma City. Additional city infrastructure expenditures in the period totaled $690 million and worked to enhance the outcome of the MAPS projects. Other federal, state and local government entities invested an additional $600 million in the downtown area. Total public investment through city spending on MAPS and investments by other public sector entities reached $3.1 billion between 1995 and 2018.
Private investment spending in the downtown study area similarly surged along with the initial MAPS projects and continued steadily through 2018. Estimated private investment spending totaled $3.9 billion between 1995 and 2018. Private investment gains are highly visible in the office, hotel, medical and research, residential, food service and entertainment sectors.
In total, the combination of city investment through MAPS along with other public and private sector investment in the downtown study area reached an estimated $7 billion in the full MAPS era.
The report found that the revitalization of the downtown area has been long-lived with sustained increases in private sector investment.
“You can see that the momentum created by the initial projects in the 1990s continues today,” said Mark Snead, economist and president of RegionTrack. “The public spending on MAPS projects led to sustained private investment over a long period of time, and the completion of the remaining MAPS 3 projects will create even more momentum.”
One other policy finding in the report was that private investment was not deterred during the two-year oil and gas recession in 2015 and 2016.
“I think we all know MAPS has been great for our city, but this shows just how vital it is to our economic growth,” said Roy Williams, president and CEO of the Greater Oklahoma City Chamber. “With the increase in visitation, the growth of housing and hotels and all of the other private investments, we have a true destination that will only grow – creating more jobs and spurring additional investment.”
In addition to evaluating the public and private investment