Tulsa has a strong diversified economy. For decades, Tulsa was referred to as the oil capital, however today, Tulsa hosts almost 400 technology companies employing 54,000 people. During 2001 despite setbacks following September 11, twenty companies announced expansions or relocations to Tulsa, mostly in telecommunications and high-tech industries.
The largest employers in Tulsa, excluding government, schools and hospitals, are:
American Airlines, Avis Rent A Car, Bank of Oklahoma, Blue Cross Blue Shield, Boeing North America, Citgo Petroleum, Dollar Thrifty Automotive, EDS, Kwikset Corp., Metris, Nordam Group, Price Waterhouse Coopers, Southwestern Bell, Suntech, Wal-Mart Stores, Whirlpool, Williams Communications, Williams Companies, and WorldCom.
The Tulsa area has a strategic advantage as a business location. The cost of doing business in Tulsa is only 80.1% of the national average. A typical business would save 17.7% percent of operating costs by moving here from Dallas, 18.7 % from Kansas City, and 62.2% from New York.
The Tulsa economy improved significantly during the past five years. The number of jobs increased 13.1% (47,274 jobs) over the last five years or 2.6% per year. Approximately 56% of job growth in the Tulsa area is in occupations requiring either a degree or extensive training. Unemployment has declined steadily since 1994, averaging 2.9% in 2001 versus Oklahoma at 3.1% and the entire nation at 4.7%.
Substantial in-migration has caused Tulsa’s population to continue to grow steadily to 571,430 in the county and 816,420 in the MSA. High per capita income is a key factor in Tulsa’s superior quality of life and has contributed to Tulsa County’s designation as the nation’s number one test market for new food products. Our 2001 per capita income of $34,099 exceeded the national average of $31,189 by $2,910. The relatively low cost of living combines to make Tulsa an economically attractive place to live. The Bureau of Labor Statistics estimates the average household living expenditure is $37,526 but Tulsa’s is only $33,886.
Tulsa is one of the most affordable cities in the United States. The average price of a new 2,200 square foot home in a middle-income area in the Tulsa MSA was $187,872 in 2001, and the average price of a home sold during the year was $127,787. Due to significant in-migration, for every 100 households moving out of the area, 188 move in, a strong demand for residential housing should continue.
Tulsa has excellent medical facilities, with five major regional hospitals with 2,477 total beds, and other inpatient specialty facilities. There are 1,453 physicians, 412 dentists, 6 local HMO’s, 14 emergency medical services, and 140 medical clinics in Tulsa.
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