TULSA, Okla. — The Tulsa Regional Chamber talked about the future of the economy in Tulsa and Oklahoma.
FOX23 attended the meeting at the Renaissance Hotel in south Tulsa.
The Tulsa Regional Chamber reviewed the state and local economies as well as Tulsa’s future economic growth.
They said things are going well and they hope things stay that way.
The City of Tulsa and the State of Oklahoma have been in their golden era for the past five years as unemployment has remained low and the job market has become more balanced.
According to Mark Snead, president and economist at RegionTrack Economic Research Firm, the state has seen positive growth economically despite the challenges it has faced.
“For Oklahoma, it has really been a great period. The oil and gas industry has suffered, but at the same time , the state has grown at a very rapid pace. Historically, when oil and gas sectors suffer, the state as a whole feeling it. It really weighs on economic activity,” Snead said.
He said with where the city and state are now economically, it’s safe to say that things are slowly returning to normal after the COVID-19 pandemic.
“Normal conditions mean a lot of good things are happening and some bad things are happening at the same time. That is normal, that’s a normal economy. Instead of as we were two years ago, everything was roaring. The economy wasn’t well above it’s long-run sustainable growth rates. City budgets were growing at a rapid pace,” Snead said.
With the economy and inflation affecting everyone, Snead said Tulsans should be thankful it hasn’t impacted other areas of their economy.
He’s pleased to see where the City of Tulsa stands as there’s been little risk of economic decline.
“I think that this has allowed a lot of businesses to do is to build with confidence that a quick economic downturn isn’t right over the hill,” Snead said.
With where the city and state are now, Snead hopes Oklahoma continues moving forward the further we get out from the pandemic.
“At this point, we see 2025 as being yet another year with that ability to plan with modest risk,” Snead said.