The Greater Oklahoma City Chamber released its 2011 Greater Oklahoma City Economic Forecast today and the study predicted 1.8 percent job growth in 2011 with continued momentum in 2012 at 2 percent growth. The report was commissioned by the Chamber and prepared by Russell Evans, Director of the Center for Applied Economic Research at Oklahoma State University.
“This forecast is very positive for our region,” Greater Oklahoma City Chamber President & CEO Roy Williams said. “Our economic stability and continued growth is vital to our local businesses and in continuing to attract jobs and investment.”
According to the report the Oklahoma City MSA will gain approximately 20,000 jobs from 2010 to 2012. This accounts for the expected 3.8 percent job growth when you combine 2011 and 2012.
The forecast also showed positive momentum for the cities’ retail market and sales tax collection. Retail sales growth is forecasted to grow 2.5 percent in 2011 before aggressively growing to 5.7 percent in 2012. These numbers reflect Oklahoma City specifically and not the MSA.
“The retail sales data is great news,” Williams said. “It shows that while one-time factors like the hail storm did have an impact, sales tax collection in Oklahoma City has bounced back and should continue to grow. The stability of our sales tax base is important to the economic health of our city government and the continued improvements in our infrastructure.”
Continued population growth is also expected through 2012. The MSA is forecasted to add nearly 175,000 individuals which should account for half the state’s growth. The total population is project to exceed 1.28 million.
The official forecast also looks for gross metro production to grow at just over 5 percent annually through 2012 with personal income expanding at roughly 4.5 percent per year.
The report also looks at trends in economic development and highlights that over the past five years, Oklahoma has experienced the fourth-highest percentage gain of leisure and hospitality jobs in the nation at 9.6 percent.
The national shift in economic development strategy towards expansion of existing companies is also expected to continue. This emphasizes the importance of focusing on innovation and entrepreneurship as part of the region’s economic development strategy.
“The continued shift towards expanding our local companies and promoting entrepreneurship is especially important right now,” Williams said. “We cannot afford to cut programs like EDGE and OCAST and stay competitive with the way economic development is trending nationally.”
Read the full 2011 Greater Oklahoma City Economic Forecast.
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