Claremore’s Economy Strong in Uncertain Times
Recently CIEDA commissioned Federal Reserve Branch Executive Mark Snead to provide a comprehensive 2009-2010 economic forecast for Claremore. The results reflect the considerable job growth of our city since 2003. ClaremoreOklahomaEconomicOutlook.doc Since CIEDA released the forecast data, I have been repeatedly asked, “Why is Claremore’s economy so strong in the midst of the challenges faced by the rest of nation?”
Geography
Oklahoma’s market position provides businesses with direct access to many metro markets and millions of customers. Claremore’s is within 50 miles of being equidistant to both coasts and features air, rail, truck, and port transportation access. In addition, Oklahoma was fortunate to not experience the highs of the real estate boom and conversely now isn’t seeing the lows of the current real estate market. Many publications including Forbes and Fortune have identified both the Tulsa and Oklahoma City markets as recession proof.
Industry
Claremore is a Northeast suburb in the Tulsa Metropolitan area. For many years the Tulsa area has had considerable market share within the Oil and Gas production and component manufacturing sectors. From 2003-2007 over 1,000 jobs were created in Claremore in the manufacturing sector alone. Many of these jobs were created in the oil and gas pump component industry. Claremore has over 30 manufacturers and while in some cases production has been slower, these firms are well positioned for future success. Healthcare has also seen substantial growth within the last 5 years, largely due to the growth of Claremore Regional Hospital. In addition, new and emerging green technology firms like Heath Technology are taking full advantage of the labor provided by the Tulsa\Claremore labor market area. Learn more about Claremore’s highly skilled workforce and labor assets at Claremore 2008 Labor Force Briefing.pdf
Business Conditions
Oklahoma offers highly attractive business conditions to executives and site selection professionals. Claremore has low business opportunity costs, low energy costs, skilled labor, and excellent business incentives. These factors make Claremore an affordable option for business expansion or relocation.
Skilled Labor
While it is often said that people are an organization’s greatest strength, it is particularly true of cities. Claremore offers a skilled workforce that fuels growth and investment opportunities for manufacturing, energy, and healthcare firms.
While the current economic challenges certainly haven’t subsided, Claremore is well positioned to facilitate future job growth and to continue to accommodate new investment. With over $104 million in announced new investment within the last 24 months, your next business home is waiting for you in Claremore.
Come Grow With Us!
Tim Hight
www.claremoreusa.com
Many of us remember economic conditions in the Greater Tulsa area during the mid eighties. Interest rates were at 15% for mortgage loans and loan companies required 10% down payments except for FHA and VA loans. Oil was bust and layoffs were plentiful. The aircraft companies were weak and manufacturing was down. Property values were falling 5 to 8% per year. In Claremore, new construction was almost non existent. Builders and contractors were moving to other parts of the country. Those were tough times.
Today’s conditions are much different. Real estate transactions are off some but values are holding steady and there hasn’t been a significant increase in listings. Interest rates are at or below 5% andloan companies seem to have plenty of money to loan. Claremore Realtors did not embrace subprime loans as much as other parts of the country and that has benefitted the market. We are all fortunate to live in the Claremore area.
Tim, I think that Technology is another sector where Claremore has the resources to be a viable business opportunity. I would expect to see the technology climate in Claremore warm up as companies continue to move the workforce to more remote access and internet connected channels for conducting business. As a for instance, I am proud to be a citizen of Claremore, and I found this blog post via twitter.