Monday, January 23, 2012

Tulsa among top 200 cities for employment, income growth

Tulsa and Oklahoma City ranked among the world's top 100 metropolitan economies for income and employment growth during 2010 and 2011, according to a report released Wednesday by the Brookings Institution.
Ranked alongside metros in Asia, Latin America, Europe and the U.S., Tulsa placed 73rd and Oklahoma City 82nd in the Global MetroMonitor, part of the Metropolitan Policy Program at Brookings.
Fifty-seven U.S. metros are included in the report that analyzes data on gross domestic product, employment, income (per capita GDP), and population, among other factors. Most of the rapidly growing metros lie outside the United States and Western Europe.
While the report concentrates primarily on the most recent data (2010 to 2011), it draws on information regarding the economic performance of metros dating back to 1993.
Metro areas specializing in commodities - such as Tulsa and Oklahoma City with their connection to oil and natural gas - and business-financial services exhibited the strongest performance in 2010-2011.
Those with high concentrations of non-market and other local sectors such as education, health care, government and construction experienced sluggish growth, according to the report.
Manufacturing accounted for the largest share of output growth in 59 metros from 2010 to 2011.
The Tulsa and Oklahoma City metros specialize in commodities, including extraction, processing and manufacturing related to the oil and gas industry, said Alan Berube, a senior fellow at the Metro Program and one of the Global MetroMonitor's authors, in a phone interview.
For the first half of 2011, oil prices were high, and as the global economy rebounded there was more demand for oil, he said.
Examining the industries that drove growth in the last year, the story is slightly different between Oklahoma City and Tulsa, Berube said, noting several things played a role in Oklahoma City's growth, including commodities, manufacturing and transportation.
In the Tulsa metro, manufacturing accounts for about 15 percent of the region's economy but about 75 percent of the increase in output for 2010 to 2011, he said, pointing to manufacturing related to the petroleum industry.
Metro Oklahoma City's GDP ranks 155th, with a 2011 GDP of roughly $50 billion, while the Tulsa metro ranks 187th with a GDP of about $37 billion, Berube said.
Tulsa's income (per capita GDP) grew 1.1 percent from 2010 to 2011 while its employment grew 2 percent, according to the report.
The Tulsa area's per capita GDP was $37,402. Oklahoma City's per capita GDP grew 1.4 percent to $37,512.
A series of events across the world, including natural disasters, political unrest and policy tensions led to slower growth in both developed and developing countries in 2011, the report states.
The fastest-growing regions are in the developing world such as China, Latin American and Eastern Europe, Berube said.
In some of the bigger nations, there is a wide range of performance among metros. In the United States, for instance, Houston ranked 19th while Kansas City ranked 190th.
"It's the metro areas that are driving growth or holding back broader growth, depending on what they do and how well positioned they are," Berube said.
The Brookings Institution is a nonprofit public policy organization based in Washington, D.C.


Metropolitan economic powerhousesTop 10 of the 200 fastest-growing metro economies, 1993-2011 (ranked by 2010-2011 performance).
1. Shanghai, China 2. Riyadh, Saudi Arabia 3. Jiddah, Saudi Arabia 4. Izmir, Turkey 5. Hangzhou, China 6. Ankara, Turkey 7. Instanbul, Turkey 8. Shenzhen, China 9. Santiago, Chile 10. Shenyang, China
U.S. metros in the top 100
19. Houston 36. Dallas 46. Rochester, N.Y. 56. Milwaukee 61. San Jose, Calif. 68. Buffalo, N.Y. 70. Seattle 71. Boston 72. Detroit 73. Tulsa74. Austin, Texas 77. Louisville, Ky. 80. Salt Lake City 82. Oklahoma City89. Nashville, Tenn. 91. Pittsburgh 96. Minneapolis 98. Hartford, Conn. 100. Bridgeport, Conn.

By LAURIE WINSLOW World Staff Writer Published: 1/18/2012 1:48 AM
Read more from this Tulsa World article at http://www.tulsaworld.com/business/article.aspx?subjectid=48&articleid=20120118_46_E1_Tulsaa455102

Read more from this Tulsa World article at http://www.tulsaworld.com/business/article.aspx?subjectid=48&articleid=20120118_46_E1_Tulsaa455102

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