Employment in Tulsa on the Rise
When it comes to employment in Tulsa, the news is looking good. November saw particularly strong job growth in the area, which is music to the ears of Tulsa home owners. According to data from the U.S. Bureau of Labor Statistics and the Oklahoma Employment Security Commission, the local unemployment rate fell to 5.1% in November of last year. That marks a drop of 5.6% from October. Tulsa’s lowest rate in 2012 was 4.9% in April.
The good news is that Tulsa home owners are finding work again, helping to push he unemployment rate in the right direction: down. Adds Lynn Gray, the OESC’s chief economist, “It would be fair to say that the economic recovery is in full force. The level of employment growth we’re seeing right now, the percentage of the annual growth, is what you would expect as you come out of a recession. And, of course, we didn’t see that for a long time, but now we are at a level that you would expect when you bounce back out of a recession. … It’s just been delayed.”
The unemployment rate is derived from a household survey, which found that strong growth in total employment translated to a gain in over 2,600 jobs for the month of November. Bob Ball, economist for the Tulsa Regional Chamber, says the unemployment rate is headed in the right direction for all of the right reasons. He notes, “This is a really good report going into the new year. … We’ll take all of these strong over-the-year numbers we can because we expect things to slow, but it’s still going to be a good year.”
If you’re considering purchasing a Tulsa home, please reach out to our local team of real estate agents. We’d love to show you around!