Oklahoma City And Tulsa Prove Recession Resistant

June 17, 2009 - Oklahoma City ranks No. 2 and Tulsa No. 9 in a new study released by the Metropolitan Policy Program at the Brookings Institution that looks at the strongest metro areas in economic performance during the recession.

Oklahoma City and Tulsa have experienced less severe job losses along with modest home price increases that have helped buffer both economies from the effects of the national recession.

"This verifies what we've been saying for a while -- that it's good to be in the middle of the country," Keith Hazelton, Senior Vice President and Director of Economic Research at the Oklahoma Bankers Association, tells The Oklahoman.

Brookings says Oklahoma City and Tulsa's strong economies are helped by the energy industry, which continues to perform well despite the national downturn.

Both cities have also seen modest home price increases over the past year, while many cities across the country have seen price declines well above the national average.

The report ranks Tulsa No. 6 with a 3% real housing price increase between the first quarter of 2008 and the first quarter of 2009. Oklahoma City ranks No. 8, with a 2.8% increase in its house price index.

The study also ranks Tulsa No. 2 for having an average wage increase of 2.6% from the fourth quarter of 2008 to the first quarter of this year.

The report looked at the economies of the nation's 100 largest metro areas.

Related Content:
Complete Brookings Institution Report