Wall Street Journal ranks Oklahoma City in top 10 hottest job markets
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.
Collaborating with Moody’s Analytics, The Wall Street Journal assessed 380 metro areas. The data accentuated the robustness of the U.S. economy, which tempered expectations for interest-rate cuts by the Federal Reserve. The Labor Department reported the addition of 303,000 jobs in March – a remarkable surge in employment which surpassed economists’ projections. Concurrently, the unemployment rate descended to 3.8%.
Oklahoma City's placement as the fifth-hottest job market highlights its emergence as an economic powerhouse within the heart of the U.S. Despite not being a traditional tech or finance hub like Silicon Valley or New York City, Oklahoma City has strategically positioned itself as an attractive destination for professionals seeking career opportunities coupled with a lower cost of living compared to coastal cities. Its specific rankings in unemployment (10), labor force (30), payroll change (24), and labor force size change (9) highlight its resilience and potential for growth.
Oklahoma City's affordable housing market and relatively lower cost of living make it an appealing choice for both established professionals and young graduates looking to establish themselves without the financial burden often associated with larger metropolitan areas. This affordability factor, combined with a strong sense of community and quality of life amenities (parks, cultural attractions, and recreational opportunities), enhances the city's attractiveness as a place to live and work.
Salt Lake City's appeal of easy access to the outdoors resonated strongly with young professionals, fueling a migration that economist Adam Kamins of Moody’s Analytics describes as a "virtuous cycle," wherein highly educated individuals bolster the area's economic vitality with their influx of income.
If Salt Lake City's success in drawing white-collar workers from high-cost areas like the San Francisco Bay Area and Los Angeles persists, it could signal a broader trend of professionals prioritizing quality of life and lower living expenses over proximity to traditional tech and finance hubs. This trend could bode well for Oklahoma City, offering advantages with its affordable housing market, growing job opportunities and vibrant community.
To read the full Wall Street Journal article and explore the rankings, visit WSJ.com.
This story originally ran on VeloCityOKC.com.
