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Business News

April 2017


Vision Tulsa Bonds Being Issued One Year After Vote

A year to the day after voters approved the Vision Tulsa sales tax, city of Tulsa officials announced steps to issue bonds for construction of economic development projects. The past year was spent on detailing the needs of more than $520 million in economic development projects and then scheduling construction within the funding structure. The bonding process allows the city to get money up front and will cover about 80 percent of the $520 million needed.

Federal, State and Tribal Leaders Meet to Discuss Native American Education

Tulsa hosted a first-ever conference about strengthening education for American Indian students throughout Oklahoma. More than 300 public school educators and representatives of the Five Civilized Tribes of Oklahoma met to hear from leaders of the Oklahoma State Department of Education, U.S. Department of Education, Bureau of Indian Education and the National Indian Education Association. Oklahoma has more than 130,000 American Indian students in public schools, more than any other state.

Private Equity Firm Buys Local Manufacturing MIRATECH

A local private equity firm acquired a Tulsa-based producer of emission and acoustic solutions – the components used to bring all manner of engines into compliance with regulatory standards and make them run cleaner and quieter. Argonaut Private Equity, one of the larger private equity firms in the central U.S. bought MIRATECH. MIRATECH has 150 employees in North America, including Tulsa.

Housing Inventory Drops by 25 Percent Over Past Five Years

The percentage of homes listed for sale in the Tulsa metro area has declined 24 percent in the past five years, contributing to a steady increase in prices. The first-quarter inventory of homes listed for sale in the Tulsa metropolitan area declined from 5,369 in 2012 to 4,065 in 2017, according to data from Trulia. Nationwide, there were 32.5 percent fewer homes on the market this year than there were at the same period in 2012.

Gilcrease Turnpike Extension Approved by Transportation Commission

The Oklahoma Transportation Commission approved the route for a toll road to complete the Gilcrease Expressway in northwest Tulsa. Last month, the Oklahoma Turnpike Authority adopted a resolution to further work on the road which has an estimated cost of $290 million to complete. The five-mile, four-lane highway will include an adjacent multiuse trail and feature 22 bridges, the most expensive of which will be two Arkansas River crossings.

Groundbreaking Held for The Flats on Archer

A groundbreaking was held for The Flats on Archer, an $11 million, mixed-use development in the Brady Arts District. The five-story development will feature 62 units and commercial space on the ground floor. Summer 2018 is the projected completion date for The Flats. Rupe Building Co. is constructing the project, which is being designed by Sikes Abernathie Architects.

Tulsa Metro Housing Starts Enjoy Another Increase

Area housing construction continued to post positive numbers in March, jumping by more than 20 percent over last year. Home starts for the month were 275, an increase of 21.1 percent over March 2016, according to the permit tracking service New Orders Weekly. The increase marks the second consecutive month that home construction posted at least a 20 percent gain over the previous year. For the year, home starts total 760, an increase of 14.6 percent from last year.

Tulsa-Based QuikTrip Voted Most Popular U.S. Convenience Store

A new survey reports just how much people like Tulsa-based QuikTrip – it’s reportedly the most popular convenience store chain in the U.S. Market Force Information, a brand awareness firm, stated in its most recent study that QuikTrip had passed Kwik Trip as the most popular convenience store chain in America. QuikTrip operates 750 stores in 11 states.

Oklahoma Ranked High in Handling Rainy Day Fund

When it comes to Rainy Day funds, Oklahoma does better than other states. A comprehensive study of every state’s withdrawal policy by The Pew Charitable Trusts shows that Oklahoma’s Constitutional Reserve Fund meets several benchmark qualities the firm looked for. Oklahoma law doesn’t let lawmakers appropriate money from the fund without a reason and they also can’t withdraw all of the money at one time.

Tulsa Port of Catoosa Tonnage Jumps 30 Percent

The Tulsa Port of Catoosa reported that 244,311 tons of cargo shipped through the port during March, representing a 30 percent increase over March 2016. The port’s March tonnage accounted for 21 percent of the 1.15 million tons shipped on the McClellan-Kerr Arkansas River Navigation System during the month.


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