OVERVIEW WHERE DID WE GROW IN 2025?
In 2024, the Oklahoma City metro economy experienced year-over-year nonfarm annual job growth of 2.1% or a gain of 14,700 jobs. The largest percentage year-over-year preliminary job gains were found in education & health (6.6%), construction (6.5%), leisure & hospitality (5.3%), other services (4.0%), government (2.6%), and mining/oil & gas (1.0%). The super sector industries experiencing decline include information (-2.1%), finance (-2.0%), professional & business services (-1.7%), manufacturing (-1.5%), and trade transportation & utilities (-1.0%). The Oklahoma City metro completed 2024 with an annual average unemployment rate for the entire year of 3.2%, the seventh lowest experienced by OKC since 1990. Rates ranged as high as 3.6 % (Feb.) and as low as 2.8 % (Apr., Oct., Nov. & Dec.). The metro has experienced 41 consecutive months of unemployment below 4 percent and was ranked among the top 10 lowest unemployment rates for large metros (over 1 million population). WHERE WILL WE GROW IN 2025? Positive Oklahoma City metro nonfarm job growth is expected in 2025, with the baseline job forecast scenario growing by 2.5% or adding nearly 18,200 jobs. Two alternative forecast models that the Greater Oklahoma City Chamber tracks separately show a more modest 2025 employment growth between 1.2% and 1.4%. The local economy remains vulnerable to national and global uncertainties that may disrupt economic conditions, especially coming out of a presidential election year. The largest percentage year- over-year job gains are expected in other services (5.1%), education & healthcare (5.0%), construction (4.3%), mining/oil&gas (4.1%), leisure & hospitality (2.5%), trade transportation & utilities (2.2%), government (1.4%), information (1.1%), finance (0.9%), professional & business services (0.8%), and manufacturing (0.7%). Job posting data can often be viewed as a proxy for future intent of hiring intentions. The total number of job postings for December 2024 in the OKC metro was down by 6% when compared to the same month prior year (December 2023). Comparatively, the Nation experienced a 1% decline.
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2025 ECONOMIC OUTLOOK
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