Commerce

By Jamie Richert Jones

Local experts are watching inflation trends but are optimistic about Tulsa’s economic landscape in 2023. Industries that anchor Tulsa’s economy include energy, finance, aviation/aerospace, health care and manufacturing. And most have seen growth over the past year.

“Certainly inflation, rising interest rates and the potential for a recession dictate many of the conversations we are having with our clients heading into 2023,” said David Stratton, executive vice president and corporate banking director for BOK Financial. “However, many companies are still trying to grow. Thankfully, Tulsa’s economy remains in better shape relative to the broader U.S. economy driven by low unemployment and some of our strongest industries, such as energy, that are faring well. As a whole, most of the major industries in Tulsa are in relatively good shape.”

Michael Morris, Ph.D., assistant professor of practice in the department of economics at Oklahoma State University-Tulsa, agrees with that assessment.

“I think in general the main industries are poised for a good year,” Morris said. “Energy is tied a lot to energy prices, and they had a really good year last year. The prices are down some now, but the industry is used to that type of volatility and should be well positioned for it. For Tulsa specifically, you always worry that our attractive energy businesses might be acquired by larger companies, but they seem strong.”

According to Ama Abrokwah, Ph.D, economist and director of research at Tulsa Regional Chamber, the energy sector is the most concentrated industry and has the secondhighest earnings per worker in the MSA. The recent census saw Tulsa’s metro area reach the 1-million threshold, with the state’s population surpassing the 4-million mark. “This growth can be attributed to the growth in (Oklahoma’s) major metro areas, including Tulsa,” Abrokwah said, adding that the city grew at an annual rate higher than that of the state and nation.

Another strong industrial sector is aviation and aerospace, according to Morris, pointing to some new investments and expansion, as well as new initiatives in that area at OSU. He said manufacturing was broadly down as a trend since 2010, but post-pandemic is now seeing stronger demand. One issue for manufacturing in the Tulsa area continues to be enough qualified workers.

“Manufacturing is a major contributor to our region’s GDP,” Abrokwah said. “The industry alone accounts for about 16% of the MSA’s GDP. The manufacturing industry is the third most concentrated industry in the MSA.”

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Credit Unions In Tulsa

SOURCE: NATIONAL CREDIT UNION ADMINISTRATION, FINANCIAL PERFORMANCE REPORT.

DATA AS OF DECEMBER 23, 2022. DATA

FINANCIALS REPRESENT TOTAL ASSETS OF ALL LOCATIONS FOR EACH CREDIT UNION.