MetroMonitor index sees Tulsa slip but remain in top 100
BY LAURIE WINSLOW World Staff Writer
Thursday, December 20, 2012
12/20/12 at 3:57 AM
Tulsa and Oklahoma City saw their rankings drop in a quarterly index that looks at the economic recovery in the nation's largest 100 metro areas.
Metro Tulsa dropped to No. 64 in a rating of its economic recovery through the third quarter, down from a revised No. 39 in the second quarter, said the Brookings Institution Metropolitan Policy Program, which publishes its MetroMonitor index each quarter.
Oklahoma City's No. 30 ranking was down from No. 22 in the second quarter but remained in the top half of the nation's metros.
The December 2012 MetroMonitor tracks the economic recovery in the nation's 100 largest metro areas since the recession ended.
The reports look at economic performance using several indicators, including percentage changes in employment, unemployment, output and the housing price index.
Growth continued in output and employment in the third quarter in most of the country's 100 largest metros, along with declines in unemployment rates and rising home values.
Housing prices reversed course in most large metros, bouncing back from two straight quarters of losses, the report states.
"The rise in metropolitan home prices indicates that a broadly rooted recovery may be under way in the housing market" said Alec Friedhoff, a research analyst with the Metropolitan Policy Program and lead developer of the MetroMonitor, in a written statement. "Notably, the strongest performances over the last quarter were in parts of the country hit hardest by the housing crisis, but those are also the places with the furthest left to go."
Phoenix and Detroit were among strong performers. Home prices are still down by more than 60 percent in Las Vegas, Modesto and Stockton, Calif., from their pre-recession peaks, according to the report.
For the most recent quarter, Tulsa's housing prices ranked toward the bottom at No. 91 as housing prices dropped 0.1 percent for the quarter. Oklahoma City ranked 51st for its house prices, which rose 0.8 percent over the quarter.
Metro Tulsa's employment ranked 69th for the most recent quarter while unemployment ranked 84th. The area's economic output grew 0.6 percent over the quarter and ranked 33rd, according to the report.
Top metros through third-quarter economic recovery
1. New Orleans-Metairie-Kenner, La.
2. San Jose-Sunnyvale-Santa Clara, Calif.
3. Phoenix-Mesa-Glendale, Ariz.
4. Portland-Vancover-Hillsboro, Ore.-Wash.
5. Boise City-Nampa, Idaho
30. Oklahoma City64. Tulsa
Original Print Headline: Index of economic recovery sees Tulsa, OKC edge lower
Laurie Winslow 918-581-8466
The Tulsa skyline is seen from the west bank of the Arkansas River. Tulsa has dropped from No. 39 to No. 64 in a ranking of economic recovery from the recession. TOM GILBERT / Tulsa World file