Tulsa economy at No. 106 in ranking of 300 metros worldwide
BY LAURIE WINSLOW World Staff Writer
Friday, November 30, 2012
11/30/12 at 6:29 AM
Tulsa and Oklahoma City ranked in the second-strongest group of 60 metropolitan areas worldwide for their economic performance in a Brookings Institution report released Friday.
The think tank's Global MetroMonitor for 2012 put Tulsa at 106th out of 300 metropolitan areas worldwide, and 14th out 76 U.S. metros. Oklahoma City ranked 71st internationally and sixth in the nation.
The Global MetroMonitor analyzes 2011-2012 data on gross domestic product per capita and employment change, among other factors, for the world's 300 largest metropolitan economies.
"The global outlook for this year is rather grim, with a generalized slowdown in developing and developed countries, but we do see some pockets of growth at the metro level," said Emilia Istrate, lead author of the Global MetroMonitor.
The 300 largest metro areas included in the study account for nearly half of the 2012 global economy but only 19 percent of the world's population.
The Tulsa and Oklahoma City rankings improved from last year. Based on recalculations, Tulsa ranked No. 253 last year and was in the bottom performing group of the world's 300 metros, while Oklahoma City ranked 158th.
Tulsa has had a relatively good year with an employment growth forecast of 2.2 percent, up from 0.3 percent last year, Istrate said. The area's gross domestic product, or GDP, per capita is projected to grow 0.7 percent for the year, up from zero last year.
Tulsa has partially recovered from the Great Recession, and it's outperforming the United States on job growth but lags on GDP per capita change, the report states.
Tulsa has a forecast 2012 GDP of roughly $43 billion and a GDP per capita of $44,900.
Manufacturing has been driving growth in the Tulsa area. The sector accounts for 16 percent of the metro economy but delivers almost half of the output growth and half of all new jobs, Istrate said. She pointed to strength in manufacturing of metal products and machinery, in particular.
By contrast, about one-third of Oklahoma City's output growth comes from local services, a sector that includes health care, Istrate said.
Although Tulsa hasn't recovered to its pre-recession peak, it has been growing steadily on both of the study's indicators.
"It still has a ways to go, but it's going there," Istrate said.
Only three of the 76 U.S. metros included in the study - Dallas, Knoxville, Tenn., and Pittsburgh - have recovered in 2012 from the recession, according to the study. It said 20 of the nation's largest metro areas have lost ground.
By comparison, most metro areas in the developing Asia-Pacific and Latin America regions suffered no recession over the last five years or have fully recovered. Large metro economies in China performed exceptionally well, holding 13 of the top 20 spots on this year's index.
Metropolitan economic powerhouses
1. Macau, Macau
2. Perth, Australia
3. Riyadh, Saudi Arabia
4. Xiamen, China
5. Changsha, China
6. Fuzhou, China
7. San Juan, Puerto Rico
8. Hangzhou, China
9. Wuhan, China
10. Hefei, China
Original Print Headline: Report extols Tulsa-area economy
Laurie Winslow 918-581-8466
Downtown Tulsa seen from US 412. CHRISTOPHER SMITH/ Tulsa World