Newspaper article THE JOURNAL RECORD

Modest Growth Predicted in 5-Year Outlook for City

Newspaper article THE JOURNAL RECORD

Modest Growth Predicted in 5-Year Outlook for City

Article excerpt

A "reasonable, although not robust" business expansion should brighten the Oklahoma City economy in the next five years as the city reaches the end of its "final recessionary phase," according to the March issue of Oklahoma City Status and Change.

The five-year forecast was written by Dr. Hong Yih Chang, systems analyst with the City of Oklahoma City Management Information Systems Department. It predicts:

- Purchasing power for Oklahoma City residents could rise by 2 percent per year through 1994.

- Population growth for corporate Oklahoma City will slow to 0.4 percent per year, while growth in employment should be moderate.

- Real estate development will remain depressed, with the market glut lingering for five years.

The report cited three factors which should work to solidify the economy:

- Economic restructuring during the present "boom and bust" cycle.

- The declining importance of energy-related employment in the Centralplex economy.

- Efforts by civic, business and city leaders to create an entrepreneurial environment for business retention and expansion.

"Although it will be a long time before we can see the results," stated the report, "the combined efforts have built a solid foundation for long-term economic growth."

Personal income in Oklahoma City should grow at a moderate 5.5 percent annually during the next five years, the report stated. But after adjusting for projected inflation averaging 5 percent, the actual purchasing power will increase by only a fraction.

"Considering our local economy traditionally has shown lower cost of living, as compared to the national average, the purchasing power could rise about 2 percent per annum," the report stated. …

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