Oklahoma City Named No. 1 in Nation for Economic Security

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Urban Institute’s MetroTrends analysis ranks OKC highest among 100 largest metros.

Our unemployment continues to be among the lowest, our housing market has held up better than almost anyone else, and our cost of living continues to be extremely competitive.

A recent analysis by The Urban Institute’s MetroTrends team found Oklahoma City to be No. 1 in the nation for economic security, when compared to the 100 largest metros. The survey was based on four factors: unemployment, house price decline, earnings needed to afford a decent two-bedroom apartment relative to annual earnings from a full-time job in personal services, and the share of homeowners who faced serious delinquency as of mid-2011. Oklahoma City was followed by Omaha and Wichita in second and third place, with Las Vegas ranking the lowest.

“Metropolitan Oklahoma City’s diverse economy – including government, universities, energy, and high-tech firms – has held up well in the Great Recession,” said MetroTrend blogger Margery Turner. “It didn’t fall victim to the housing boom and bust (2000 to 2007), so rents and house prices today are remarkably affordable and few homeowners are facing foreclosure.”

Oklahoma City was given an “A” for all four measured economic factors. Home price erosion received a -8.8%; unemployment is at 5.5%; housing affordability was a 1.06; and serious mortgage delinquency was at 6.6%. The worst-faring metro, Las Vegas, came in at -62.7%; 13.6%; 1.74; and 21.9%, respectively.

“It is a reflection of what we’ve seen the last couple of years in the economy and how different Oklahoma City and the metro have been from the rest of the country,” said Roy Williams, president and CEO of the Greater Oklahoma City Chamber. “Our unemployment continues to be among the lowest, our housing market has held up better than almost anyone else, and our cost of living continues to be extremely competitive.”

For more specifics on the analysis, click here or visit http://blog.metrotrends.org/2011/12/worst-metros-report-card-economic-security/. The survey results are based on the Urban Institute’s analysis of LAUS, HPI, NUHC, OES and LPS data. Full data can be found by clicking here or visiting http://metrotrends.org/data.cfm.

For more information, please contact Jill Harrison at jharrison(at)okcchamber(dot)com or 405-297-8990.

Contact:
Jill Harrison
Greater Oklahoma City Chamber
405.297.8990
jharrison(at)okcchamber(dot)com

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Jill Harrison
Greater Oklahoma City Chamber
405-297-8990
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