OKC MAPS Economic Impact - Executive Summary

25 years of public and private investment in Oklahoma City


About this study
4

About the authors
4

I. MAPS Projects
5

MAPS Projects - Structure and Status
8

MAPS (Metropolitan Area Projects) Downtown revitalization and civic arts/entertainment venues
8

MAPS for Kids Revitalization of public school infrastructure
8

MAPS 3 Downtown infrastructure development and health/recreation venues
9

Other Related City Development Efforts
10

II. Downtown Study Area – Demographic Profile
12

Demographic Structure and Change
15

Population
15

Population growth in the downtown study area accelerated in 2010 following decades of relatively weak gains.
15

Population growth in the downtown study area is now far outpacing the broader region.
15

The downtown area is steadily moving toward a critical mass of residents.
15

Housing
15

Along with population, housing growth in the downtown area accelerated beginning in 2010.
15

The downtown housing market remains heavily rental, with vacancy rates falling over time.
15

Rents remain low relative to many central cities but have risen sharply in key downtown census tracts.
16

Owner-occupied housing represents a declining share of the downtown market, but valuations are rising sharply in key census tracts.
16

A significant share of the city’s early legacy housing stock remains in place in the study area.
16

Demographic Profile:
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The population of the downtown study area remains relatively young and the median age is falling.
16

Declining school enrollment in the study area reversed along with population beginning in 2010.
16

The study-area population is far more racially diverse than the surrounding region.
17

The average level of education in the downtown study area is relatively high but is highly variable across census tracts.
17

Median household income in the downtown study area is relatively high compared to the county, state and nation.
17

The disability share in the study area is above both the national (12.6 percent) and county (13.6 percent) shares but falls below the state share (15.9 percent).
18

The downtown study area has a very high share of management, business, science and arts occupations relative to the county, state and nation.
18

III. Downtown Study Area - Economic Profile
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Employment
19

Much like recent population gains, a distinct acceleration in downtown job growth has taken place since approximately 2009.
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However, most new jobs in the downtown study area since 2009 were filled by workers who live in Oklahoma County.
19

Despite large and growing numbers of in-commuters to downtown, growth in employment of residents who live in the study area has been even stronger.
20

The growth rate for downtown jobs has been larger and more persistent for residents who live in the study area versus commuters coming from outside downtown.
20

Recent growth in the number of workers who both live and work downtown is found almost exclusively among workers in the highest wage category.
20

ZIP code-based employment estimates for the study area similarly suggest a surge in downtown hiring in recent years following an extended period of relatively stagnant business activity.
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Payroll at firms operating in the four primary ZIP codes similarly accelerated beginning in 2009.
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Recent downtown payroll gains far exceed historical gains.
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Payroll gains in the study area are more than double the pace of reported employment gains in the period, suggesting rising pay per worker in the study area since 2009.
21

Business establishment growth in the U.S. and in many states has been sluggish for more than two decades but resumed growth in the downtown study area since 2012.
21

The average size of business establishments in the downtown study area continues to increase.
21

IV. MAPS Investment – Public and Private
22

Public Investment–MAPS, MAPS for Kids, MAPS 3
22

Total Public and Private Investment
23

Private Investment and Property Market Valuations
25

Downtown Office Market
26

Downtown Residential Market
27

Bricktown Property Valuations
28

V. Lodging, Tourism, and Cultural Attractions
30

Lodging
30

Tourism
31

VI. Downtown Transportation
36

Oklahoma City Streetcar
36

Changing Downtown Commuting Patterns
36

Streetcar Area Economic Profile – Three-Block Impact Zone
36

VII. MAPS Evaluation
40

Key Policy Findings
40

Conclusion
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