Beyond Oil: Tulsa’s Economic Expansion

Historically called the “Oil Capital of the World,” Tulsa, at one time, relied almost solely on the oil industry for its economic prosperity. After an oil crash in the late 1980s, however, Tulsa’s economy began to diversify and expand into other industries including healthcare, recreation, hospitality, and business services. Aerospace, finance, manufacturing, telecommunications, and technology also play a valued role in the Tulsa economy.

For Tulsa, this time of industry expansion was critical in strengthening their local economy for the present-day, where diversification is crucial to market stability.


Job Market Growth & Investor Attention

Today, Tulsa is an attractive place to live and do business. With the cost of doing business coming in at 11 percent under the national average and the cost of living coming in at 8 percent under the national average, it’s no surprise the entrepreneurs and established firms alike are creating new growth in Tulsa.

The city is bouncing back from an oil glut with a projected job market growth of 1.3 percent according to Forbes. Eighty percent of Tulsa’s economy is made up of small businesses, which has been reflected in policy-making designed to attract industry.

Beyond job growth, capital investors have noticed the potential in the Tulsa market, into which they have poured $2.2 billion since 2011. In 2017 alone, there was $138 million made in capital investments.

A Firm Footing for the Tulsa Real Estate Market

Rental demand continues to climb year-over-year in Tulsa. The total number of renter households grew by 16,000 between 2010 and 2016 in Tulsa. Overall, Tulsa is considered a seller’s market—prices rose by 6.6 percent in 2017, bringing the median home price to $166,000 according to Forbes. Like many markets, Tulsa has suffered from short inventory, making it difficult to meet the demands of population growth and would-be homebuyers.

Though the oil industry still has a strong impact on the Tulsa, including its real estate, experts are confident that the market has seen a full recovery.

Why Invest in Tulsa, Oklahoma Real Estate?

At Memphis Invest, our priority is in presenting market opportunities with longevity. Passive investment portfolios function best when populated with investments that are reliable, sustainable, and predictable. This is where a slow-and-steady market like Tulsa is so valuable.

While the Tulsa real estate market may not capture international attention, its diverse and tenacious economy and strategic leadership make it a perfect turnkey investment opportunity. With the help of the expert team at Memphis Invest, you can get ahead of the curve and take advantage of this growing market.

 

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