THE OKLAHOMA CITY ECONOMY CONTINUES TO GROW AND EXPAND ACROSS THE MSA 2025 OKLAHOMA CITY MSA OUTLOOK
The Oklahoma City MSA economy continues to power state economic outcomes. The MSA now accounts for nearly 40% of the state’s GDP and more than a third of the state population. But activity is dispersing across the metro area with Oklahoma County’s share of MSA GDP falling to 70% while its share of MSA population dips below 55%. Much of the population and economic activity gains are on the south and west side of the metro area. Canadian and McLain counties have averaged 3.3% and 2.5% population growth annually since 2013 while their respective economies have expanded at an annual average rate of 6.5% and 7.2%. Expect this broad pattern to continue as Oklahoma City drives state economic growth with Oklahoma County’s share slowly receding.
Real per capita personal income and real per capita GDP are expected to grow modestly in 2025. Earlier this decade per capita incomes in Oklahoma City passed U.S. measures. Expect income growth in Oklahoma City MSA to meet or exceed U.S. growth with per capita income gaps between Oklahoma City and the U.S. emerging. Oklahoma City remains well positioned for the future with 21.4% of the MSA population in the prospective labor force age range of 10 – 24. This standby labor force will allow current long run growth trends to carry well into future decades.
Expect nonfarm payrolls to add an average of 1,500 jobs per month, or 18,200 jobs for the year, marking 2.5% growth at year end. Job gains will be concentrated in the health, trade, and hospitality service sectors with strong gains expected in the construction sector as well.
8
2025 ECONOMIC OUTLOOK
Made with FlippingBook - professional solution for displaying marketing and sales documents online