July 2017
Tulsa’s Future III achieves $21.5 million fundraising goal
The Tulsa Regional Chamber announced completion of the fundraising phase of Tulsa’s Future III, its five-year, regional economic development plan. Tulsa’s Future III focuses on job growth and retention, innovation, workforce development, and community betterment strategies. The Chamber secured pledge commitments from 197 public and private investors, exceeding the plan’s $21 million goal by two percent.
Chamber completes regional workforce availability study
To ensure northeast Oklahoma is positioned to address its future workforce needs, the Tulsa Regional Chamber commissioned a 16-week, 11-county labor study by Site Selection Group of Dallas. Key components of the assessment reviewed commute times; underemployment; the workforce pipeline and future demand; education and industry gap analysis; and wage and benefits. Click here to see the results.
Frontier Airlines announces return of air service to Tulsa
Frontier Airlines announced plans for Tulsa service beginning in 2018. The news came as part of a nationwide announcement that includes 21 new destinations for the carrier's network. Frontier’s service at Tulsa International Airport will include nonstop flights to Denver, Orlando and San Diego. Denver ranks as the second most popular destination for Tulsa travelers, with over 400 passengers traveling between the two cities each day.
PSO announces $1.3 billion wind energy investment
Public Service Company of Oklahoma (PSO) announced plans for the nation’s largest wind energy facility. PSO and its sister company, Southwestern Electric Power Company (SWEPCO), will partner on the $4.5 billion Wind Catcher Energy Connection (Wind Catcher) project. PSO’s share of the investment totals $1.3 billion. Under the proposal, PSO will own 600 megawatts (MW) of a 2,000 MW wind farm currently under construction by Invenergy in the Oklahoma panhandle near Guymon. PSO will also own part of an approximately 350-mile dedicated generation tie-line, stretching from the panhandle to the Tulsa area. The tie-line will allow PSO and SWEPCO to efficiently deliver low-cost wind energy to their customers.
Gilcrease Expressway extension moving forward
The completion of Tulsa's outer highway loop in the northwest quadrant of the city -- known as the Gilcrease Expressway -- remains on schedule. The plan for the five-mile, four-lane expressway will be finalized in May 2018, with construction set to begin that summer. A unique public-private partnership will fund construction.
Webco celebrates expansion in Sand Springs
Webco celebrated the completion of their most recent expansion in Sand Springs in early July. The $15 million project brings $70 million in investment in the 325,000-square-foot Star Center Complex. The nearly 50-year-old company makes carbon and stainless steel, copper, nickel and titanium alloy tubular products. Approximately 425 people are employed at two facilities in the area.
Halliburton acquires Tulsa-based Summit ESP
Oilfield services company Halliburton recently acquired Summit ESP, a leading provider of electric submersible pump (ESP) technology and services. The company plans to maintain Summit's Tulsa office and 225 employees indefinitely. Summit has more than 500 employees in almost 30 locations across North America.
$6.2 Million Sand Springs park to enhance Arkansas River development
The Arkansas River will soon have a western gateway to compliment the system of parks, trails and infrastructure stretching across the Tulsa metro. River City Park in Sand Springs is being transformed by $6.2 million in improvements, paid in part by a $2 million gift private gift. The park will offer a stage, 2-acre entertainment area, two modern playgrounds, a BMX track and skateboard park.
Oklahoma economy recovers from year-long recession
State finance officials reported $1 billion in June revenues, the highest total for that month since 2014. The state’s gross domestic product also expanded by 1.3 percent late last year after 12 months of contraction. Oklahoma's treasurer says the data indicates the state has emerged from a one-year recession. Total state revenue over the past 12 months remains lower than the previous year, but the rate of decline has slowed considerably.
Residential real estate market remains strong
The Greater Tulsa Association of Realtors reported that area home sales jumped 8.73 percent in June compared to the same month a year ago. A total of 1,457 closed listings were posted last month, 67 more than in June 2016. The average sales price rose 6.1 percent in June, from $183,761 to $194,965. Average days on the market to sell fell from roughly 40 days in June 2016 to 38 in 2017. Oklahoma-based Commercial Realty Resources Co. reported a 67 percent growth in multifamily property sales volume during the first six months of 2017 compared to the same period a year ago. The average price per unit also increased year-to-year, from $43,486 in mid-2016 to $55,277 in mid-2017.
Strong student growth projected to continue in Oklahoma
Oklahoma’s pre-K through 12th grade student enrollment is projected to grow by 6 percent over the next decade, adding an additional 41,000 students to the school system. The projected growth rate is slightly less than the previous decade’s growth of 9 percent, however, the trend is in line with many other western and southern states.
