The national economic malaise likely will blunt the momentum of the economies of Oklahoma City and Tulsa, according to economic outlook reports recently issued.
However, both cities will continue to outperform the nation’s economy, said Mark Snead, director of The Center for Applied Economic Research at Oklahoma State University.
Oklahoma City’s economic expansion, which has been under way since 2003, is “showing clear signs of a broad cyclical slowdown,” Snead wrote.
Job growth in Oklahoma City is forecast to fall from 1.3 percent in 2008 to 0.2 percent in 2009. A “soft recovery” in 2010 is expected to boost job growth to 1.1 percent, Snead said.
Tulsa’s economy, which “cooled considerably” in 2008, also will continue to weaken as the impact of the sluggish national economy is felt. Falling energy prices are expected to nearly eliminate the boost from that sector, Snead said.
Tulsa’ unemployment rate is expected to rise to an average of 5 percent in 2009 and is forecast to rise to 5.5 percent in 2010.
Oklahoma City and Tulsa housing markets continue to perform well relative to the nation, although national housing woes are affecting local markets, Snead said.
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