Commerce By Jamie Richert Jones
As we enter the third calendar year of COVID-19, communities all across the country are reframing for a new economic landscape. Tulsa is no exception. “Everyone to some extent is a little bit nervous because they don’t know what’s going to happen with the virus. It’s a bit of a wild card right now,” said Eric Olson, Ph.D., director of finance and operations management and Chapman Associate Professor of Finance at the University of Tulsa. Even with the uncertainty caused by the pandemic, Tulsa’s economy, anchored by energy, banking and aerospace, has weathered the storm.
“When it comes to our GDP, we are doing well,” said Ama Abrokwah, Ph.D., director of research at the Tulsa Regional Chamber, adding that Business Facilities Annual Rankings Report ranked the Tulsa Metro as No. 1 in GDP for mid-sized MSA’s in 2021. “The pandemic is the major thing that is slowing down growth in most communities, including ours. Manufacturing and the hospitality industries, in general, are sectors that have been heavily affected by the pandemic. There have been disruptions in supply chain, as well as in the labor market. These disruptions have caused significant labor shortages in the labor market. The frontline workers were most affected early on in the pandemic and are not returning to the
same jobs and working conditions. They are now returning to jobs with higher wages, paid time off and additional benefits. Others have not returned back into the labor market due to lingering concerns about the virus, child care issues and the reluctance to give up the flexibility of working remotely.” Similar struggles have plagued the banking industry. “Banks are experiencing many of the same challenges other industries are facing including hiring and staffing challenges, COVID-related issues, inflation and supply chain issues,” said Scott Mabrey, chief executive officer of Mabrey Bank. “Banks have generally been flexible CONTINUED ON P. 66
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