Canoo, a high-tech advanced mobility company, recently announced plans to migrate its engineering workforce to its two Oklahoma locations – Oklahoma City and Pryor – as well as plans to relocate its corporate headquarters to northern Texas.
Voters in Oklahoma City have approved a measure to increase the city's hotel tax from 5.5% to 9.25%, a move expected to significantly bolster tourism and help our city tell its story. The new rate, effective Oct. 1, 2024, will generate an estimated $11.6 million annually, funding efforts to attract more visitors and support large-scale events.
A research study conducted by Tourism Economics revealed that in 2023, Oklahoma City welcomed 24.1 million visitors, resulting in an annual economic impact of $4.5 billion. The study traced how visitor spending flows through the local economy, affecting employment, wages and tax revenues. This economic activity generated $358 million in state and local taxes, effectively saving each Oklahoma City resident $1,326 in taxes they would otherwise pay.
According to the latest data, Oklahoma City is now the 20th largest city in the nation, with 702,767 residents as of July 1, 2023. The city's strong job market and lower cost of living compared to other urban centers are major draws for new residents. However, this popularity has led to a significant rise in home prices, with median home values soaring by 48% over the same period. Median incomes have increased by 40%, further highlighting the city's economic vitality.
OKC Energy FC is set for an exciting new chapter with an expanded ownership group, now led by Echo holding the majority stake. This significant development aligns with plans for a new stadium, a key project under the MAPS 4 initiative. Energy FC has always prioritized community impact, and the multipurpose outdoor stadium is expected to have a transformative effect on Oklahoma City, providing a versatile venue for events such as festivals, concerts, and, of course, soccer. This contributes to positioning Oklahoma City as a significant destination.
Oklahoma City impressively climbed into the top 10 least expensive urban areas nationwide, according to the Q1 2024 Cost of Living Index (COLI) released by the Council for Community and Economic Research (C2ER). With a current cost-of-living index of 83.6, Oklahoma City continues to demonstrate its appeal as an affordable urban center.
Small businesses are the lifeblood of our economy, driving innovation, job creation and economic growth. In 2023, a groundbreaking 5.5 million small business applications were filed, with nearly 1.8 million poised to expand their teams. Oklahoma City reflects the resilience and dynamism of the U.S. entrepreneurial landscape. According to Forbes Advisor's latest analysis, Oklahoma City secures the second least risky spot among the nation's metropolitan areas for small businesses, with a commendable score of 2.51 out of 100.
Oklahoma City ranks among the top 10 affordable cities serving as tech and finance outposts in the latest annual rankings from The Wall Street Journal. In 2023, Salt Lake City emerged as the country’s hottest job market, with three Florida cities—Jacksonville, Orlando, and Tampa—following suit. Notably, Oklahoma City secured the fifth spot in the rankings. These rankings were derived from a comprehensive analysis considering five key metrics: unemployment rate, labor-force participation rate, changes in employment levels, labor force size and wages.
