OVERVIEW WHERE DID WE GROW IN 2023?
In 2023, the Oklahoma City metro economy experienced year-over-year nonfarm job growth of 2.4% or a gain of 17,000 jobs. The largest percentage year-over-year job gains were found in education & health (+6.0%), leisure & hospitality (4.8%), construction (3.2%), manufacturing (2.7%), government (2.0%), and mining/oil & gas (2.0%). The only super-sector industry experiencing decline was information (-0.3%). The Oklahoma City metro completed 2023 with an annual average unemployment rate for the entire year of 2.9%, the fourth lowest experienced by OKC since 1990. Rates ranged as high as 3.2 % (Oct.) and as low as 2.1 % (Apr.). Oklahoma City finished out the year ranked among the top 20 lowest unemployment rates for large metros (over 1 million population). The total labor force, driven by population gains, was the largest in history (over 752,000 in November 2023). WHERE WILL WE GROW IN 2024? Positive Oklahoma City metro nonfarm job growth is expected in 2024, with the baseline job forecast scenario growing by 2% or adding nearly 14,000 jobs. Two alternative forecast models that the Greater Oklahoma City Chamber tracks separately show a more modest 2024 employment growth between 0.3% and 0.7%. The local economy remains vulnerable to national and global uncertainties that may disrupt economic conditions. The largest percentage year-over-year job gains are expected in other services (4.2%), education & healthcare (3.8%), trade & transportation (2.6%), mining (2.5%), government (2.1%), construction (1.7%), manufacturing (1.7%), and professional & business services (1.2%). Job posting data can often be viewed as a proxy for future intent of hiring intentions. The total number of job postings for December 2023 in the OKC metro was down by 19% when compared to the same month prior year (December 2022). But that is considerably better than the 31% decline for the nation. SELECT 2023 ANNOUNCEMENTS FROM CHAMBER-ASSISTED COMPANIES In 2023, 130 Chamber-assisted companies announced plans for the creation of 4,365 jobs with an annual average salary of $67,355. In addition, those same companies announced more than $6.77 billion in capital investment and $294 million in payroll. Over the past three years, 14,593 jobs have been created with $774 million in payroll and $7.92 billion in capital investment. • Professional’s Choice - Equine product manufacturing adding 30 jobs in Oklahoma City; $150K Capex • Canoo - Electric vehicle manufacturer annouced 550 jobs in Oklahoma City; $347M Capex • Centrillium Proteins - Meat processing facility adding 100 jobs in Midwest City; $70M Capex • Sam’s Club - The state’s first Sam’s Club Distribution Center announced 130 jobs in Oklahoma City; $45M Capex • U.S. AutoForce - Auto parts distribution center adding 40 jobs in Oklahoma City; $14.5M Capex • Merhow - Horse trailer manufacturer from Michigan opening up a new facility in Oklahoma City, adding 50 jobs. • Southern Rock Energy Partners - Large-scale crude refinery announced 420 jobs planned for Cushing; $5.6B Capex
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2024 ECONOMIC OUTLOOK
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