Eight Tulsa Companies Announce New Jobs
Executives of eight Tulsa-area employers that have hired or plan to hire 361 people this year gathered in early May at the Tulsa Metro Chamber for a news conference where they discussed their plans and stated their optimism for the local economy. The employers were Bearwood Concepts, Cancer Treatment Centers of America, Geophysical Research Co., M&M Manufacturing, Parkside Psychiatric Hospital and Clinic, State Farm Insurance, U.S. Cellular and QuikTrip Corp. The eight companies have added 144 jobs in the Tulsa area so far this year, with plans to add 217 more during the remainder of 2010. The 361 announced jobs could lead to 187 additional indirect jobs. In all, the expanded workforce would create a payroll of $18.6 million and provide or support production of $66.9 million in goods and services.
Tulsa Area Home Sales Pick Up
The Greater Tulsa Association of Realtors reported in early May that 934 homes were sold last month, up 58 percent from February and 4 percent more than in March 2009. The sales volume pushed the year-to-date total to 2,017, slightly behind last year’s first quarter. Local home prices were well ahead of last year, with the $151,917 average up 3.4 percent and the median of $126,000 up 5 percent.
Earnings Top $60 Million at BOK Financial
BOK Financial Corp. saw its net income rise 9.3 percent in first quarter compared with the same period last year. Tulsa-based BOK – parent of Bank of Oklahoma – had net income of $60.1 million compared with $55 million during the same period in 2009. Net income included a $6.5 billion gain from the purchase of the rights to service $4.2 billion of residential mortgage loans on favorable terms.
Dollar Thrifty Income Beats Competitors
Dollar Thrifty Automotive Group Inc. posted first-quarter net income of $27.29 million as it continued to outperform its larger industry rivals. It’s most profitable first quarter in history left Dollar Thrifty, the smallest of the four major U.S. rental car companies, with four consecutive quarters of profitability in an industry that has been going the other direction.
Metro Unemployment Rate Drops
Metro Tulsa’s jobless rate fell to 7.5 percent in March, the Oklahoma Employment Security Commission reported. The drop follows two months in which the area’s rate was 8.1 percent. Unemployment stood at 6.4 percent in March 2009.
Avis May Join Hertz in Bid for Dollar Thrifty
Avis said in early May that it may try to top Hertz’s $1.27 billion bid for Tulsa-based Dollar Thrifty Automotive Group Inc. Avis Budget Group Inc. issued a statement saying it was interested in making a counteroffer for Dollar Thrifty but stopped short of actually making a bid. Dollar Thrifty’s board of directors said it will consider a competing offer for the company from Avis, the country’s third-largest rental car company.
State Quality Jobs Program to Assist Growing Tulsa Companies
Three Tulsa-based companies including Road Science, formerly part of SemMaterials, joined two other area businesses – oilfield pump producer Borets-Weatherford U.S. Inc. and store fixture manufacturer Bearwood Concepts, as well as an Oklahoma City-based firm in the possible creation of up to 633 jobs. Road Science anticipates creating 44 new jobs, Bearwood 125 jobs and Borets-Weatherford 50 jobs. The companies qualify for nearly $7.5 million worth of incentives under the Oklahoma Quality Jobs Program, the Oklahoma Department of Commerce announced.
Oklahoma No. 1 in Home Equity
Although millions of people owe more on their homes than they are worth, Oklahoma has the lowest percentage of upside-down mortgages in the country. Just 5.9 percent of Oklahoma homeowners, or 23,724 mortgage holders out of 402,187 recorded, have negative equity on their homes, according to a survey released by business data company CoreLogic.
Airports Land $12.5 Million in Grants
Proposed construction projects at Tulsa International Airport and Jones Riverside Airport received $12.5 million in federal and state grants, which were accepted in mid-May by the Tulsa Airports Improvement Trust. Trustees also approved $6.3 million in construction, project management and materials testing contracts on six construction projects at the two airports.
Oklahoma Best In Entrepreneurship
Oklahoma, along with Montana, were the best in the country for entrepreneurship in 2009, increasing the number of startups while many companies were retracting or closing, according to a report from the Kauffman Foundation. Oklahoma created 470 businesses for every 100,000 adults each month during 2009. Arizona, Texas and Idaho ranked closely behind. The national average was 340 new businesses for every 100,000 adults. The survey measured adults who did not currently own a business.
Workers Comp Reforms Sent to Governor
The Oklahoma House and Senate passed the final pieces of the Legislature’s latest workers compensation reform package in late May and sent it to Gov. Brad Henry for signing. The key features include a reorganization of the workers compensation courts and a tightening of definitions and benefit eligibility. The reforms are estimated to save businesses more than $60 million a year.