Special Hotel Market Report, Issue 58: Oklahoma
By John Montgomery on February 24, 2016
Special Hotel Market Report, issue 58: Oklahoma. John Montgomery of Horwath HTL Denver, CO, USA has written the next in our series of market reports, focusing on the Oklahoma hotel, tourism and leisure market.
‘The Oklahoma City Metropolitan Statistical Area (MSA) includes seven counties: Oklahoma, Canadian, Cleveland, Grady, Lincoln, Logan and McClain. Oklahoma City is in Oklahoma County, as is the majority of the MSA’s population. Oklahoma City is the 27th largest city in the nation, and the MSA is the 42th largest metro area in the U.S. The estimated population of the entire MSA is approximately 1.4 million, with 766,000 located in Oklahoma County and 616,000 in Oklahoma City. Since 2010, the Oklahoma City MSA is the 13th – fastest growing large metro area in the country (6.7 percent) and has grown twice as fast as the nation.‘
‘As with the rest of the country, the Oklahoma City market area has signi cantly recovered from the economic recession that reportedly bottomed-out in 2008/2009. This recovery has resulted in rising employment, increasing home sales and building permits, increasing growth in the sales prices of homes, an increase in retail sales growth, higher rents and a decrease in vacancy in all commercial market sectors. Unemployment has also decreased.
Although the drop in energy prices has caused the local energy companies to make significant cuts in their 2015 capital spending budgets and, in some cases, lay off workers, the state and local economies continue to grow. Oklahoma and Oklahoma City have lost oil and natural gas jobs since the rest of the year, but other industries reportedly have more than offset the energy employment declines. The oil and natural gas job losses have been disproportionally in the rural part of the state as relative few of the of ce jobs in Oklahoma City have been cut.’