UPDATE: Tulsa’s job market is experiencing a significant surge, outpacing Oklahoma City, according to the latest insights from economists at the Tulsa Regional Chamber’s annual State of the Economy meeting held on October 12, 2023. This rapid growth is not just a local phenomenon; it positions Oklahoma as a strong contender in national job growth rankings.
Economist Mark Snead, president of RegionTrack, delivered a compelling analysis, stating, “The past 18 to 24 months, Tulsa’s growth has really accelerated, and Oklahoma City’s slowed a bit.” This shift has propelled Oklahoma to rank 14 out of 50 states for job growth over the last year, marking a crucial development for local residents and businesses alike.
Economists are optimistic about the future landscape as artificial intelligence continues to reshape the workforce. “Jobs aren’t being eliminated; they’re requiring more knowledge of technology,” Snead emphasized. He highlighted that the evolving job market will demand tech-savvy skills, making adaptability essential for workers moving forward.
With affordable housing drawing new residents, Tulsa is set to see a population increase. Joe Seydl, an economist at JPMorgan, pointed out that the median home price is soaring in many coastal states, making Tulsa’s cost of living attractive for new transplants. “Younger folks are looking for more affordability,” Seydl stated, as he urged listeners to consider the growing appeal of cities like Tulsa and Dallas.
The housing crisis has reached alarming levels nationally, with the average age of first-time homebuyers now at an all-time high of 40 years old, according to the National Association of Realtors. This demographic shift is critical, as it underscores the urgency for affordable housing solutions in cities that can accommodate new residents.
Despite potential challenges from President Trump’s tariffs on foreign goods, Seydl expressed confidence that the U.S. economy will avoid a recession, particularly in sectors pivotal to the artificial intelligence revolution. “The technology sector, semiconductors, electrical equipment—all the things powering AI—have been exempted from tariffs,” he noted, reinforcing the idea that innovation will continue to thrive.
Tulsa’s economic landscape is also set to benefit from the construction of several major data centers in the coming years, further solidifying its position as a tech hub. Snead predicts that by next year, Oklahoma City will match Tulsa’s job growth rates, indicating a robust economic future for both cities.
As these developments unfold, residents are encouraged to prepare for a rapidly changing job market characterized by both challenges and opportunities. The message from the experts is clear: Tulsa is becoming an increasingly attractive place to live, work, and thrive, as it continues to evolve into a center of economic growth.
Stay tuned for more updates on this developing story, as the implications of these trends will resonate across the state and beyond.
