2017 February POINT!

T he Greater Oklahoma City Chamber released its 2017 economic forecast, which stated that the Oklahoma City region is expected to see 0.7 percent job growth by the end of 2017. After the relatively flat total job growth in 2016, this moderate increase in job growth is viewed as a positive sign that the region is emerging from a downturn in the oil and gas sector. “Historically speaking, our region has performed much worse in times of declining oil prices,” said Kurt Foreman, executive vice president of economic development for the Chamber. “Because of the diversification of our regional economy, our job growth remained steady throughout 2016. There are already signs of optimism about our regional economy, and we can expect to see a healthier economic climate by the end of 2017.” Recapping 2016 Last year’s forecast described the 2016 outlook as a modest expansion in Oklahoma City offsetting a modest contraction in the rest of the state. This description proved largely correct, but the inventory adjustment cycle that crimped national activity imposed constraints on economic activity in the state. Oklahoma City managed only a lateral move, which did not fully counter the contraction in the rest of Oklahoma. Average monthly nonfarm and private sector payrolls fell in 2016 with the state averaging

Economic Forecast

Anticipates Job Growth in 2017

THE POINT - FEBRUARY 2017 4

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