Income up in Tulsa

[cannon_fodder]

http://www.tulsaworld.com/news/article.aspx?articleID=070808_1_A1_hTheg88837

Personal income in Tulsa has risen dramatically in the last two years.  The raw data can be found here:
http://www.bea.gov/newsreleases/regional/mpi/mpi_newsrelease.htm

2004: $32,694
2005: $34,685 (6%)
2006: $37,564  (8.3%)

That puts Tulsa in the top 20% for Metro area personal income.  Perhaps more importantly, that puts us at #13 overall for fastest income growth (top 10, considering #1-4 are Katrina area's opening back up for business).

Oklahoma city does fairly well also cracking the top 30% (lots of government jobs means no bust, but no boom either).

The data also presents total area income (non per capita).  The winner:  NYC msa at $910 BILLION, second was LA with $500 Billion.  Tulsa has $33 Billion (#55), OKC $41 Billion (#46).  

For some comparison (total income, per capita):
Salt Lake City: $36B, $34K
Omaha: $32B, $39K
Des Moines: $21B, $39K
Albuquerque: $26B, $32K  

If the boom keeps running like it has the last 2 years, we will be comfortably inside the top 15% and on the verge of cracking the top 10% for personal income (average income growth was 4.6%, we top that by 3.7 percentage points - or 80% faster).  

Overall a great picture for the nation, and a better picture for Tulsa!

[guido911]

But...but...but, according to KFAQ, Tulsa sucks.

[Conan71]

Sheesh Cannon, you are always the conveyor of such horrible news.  When are you going to quit telling us the economy doesn't suck?

Okay, I'm turning over the floor to the "glass-half-empties"

[Chicken Little]

Wow.  Good analysis cf.  I'm not surprised at the rate of growth because this sample begins just as we were emerging from that big slump.

But, wow.  Per capita income is 66th out of 363 metros?  That's a good showing.  Our neighbors and other cities of interest:

Kansas City - 62nd
Dallas - 45th
Houston - 30th
Oklahoma City (noted previously) - 103rd
Lawton - 214th
Lawrence - 224th
Fayetteville-Springdale-Rogers - 268th
Fort Smith - 309th
Springfield, MO - 270th
Austin-Round Rock, TX - 82nd
Wichita - 83rd

I presume that the higher the per capita income ranking, the more disposable income per person.

[cannon_fodder]

quote:Originally posted by Chicken Little


I presume that the higher the per capita income ranking, the more disposable income per person.

That might not be entirely true.  Some cities that have higher incomes may have less disposable income due to the cost of living.  One would have to compare these #'s to the cost of living charts to make that determination, but there is more than likely some correlation to it.  It would be interesting to see how far down NYC gets knocked taking cost of living into account.

Anyway, download the data (or cut and paste) and you can run some interesting figures in Excel (or open office calculator).
- - -

Another interesting note, some cities that appear to have more money when visiting - do not.  OKC (in the selected tourist areas), Albuquerque, and SLC all seem to be rich havens of perfect parks, well maintained streets, and pretty public places.  Perhaps I just have a  more holistic (wholeistic?) view of Tulsa since I'm not just at tourist places?

[aoxamaxoa]

from crazee Cramer... http://www.youtube.com/watch?v=SWksEJQEYVU

yep....you have less than 1% of Tulsa's population catapulted into the gazillions from oil going strataspheric and oh my, everyone's all of a sudden better off....right Reagon...er, TulsaWhirled.

I won't be conned into believing this even if it is PGA weak.

[cannon_fodder]

And there it is, Weeeeeeeee!

Do the averages, there are nearly 900,000 people in the MSA.  If 10 of them each made an additional $10,000,000 - it raises the average $111.  The number of people making $1mil a year in Tulsa is small.  The number making $10mil is   much, much smaller.  Of those, the possibility of making an ADDITIONAL 10mil a year is even less likely.  And even then, it doesnt touch the outcome of the statistics.

What is more likely, everyone doing better or that 10 people each made an additional $300,000,000.00 each (see above for the ridiculousness of that statement)?  It must be depressing assuming everything is negative news. I'll stick with the law of averages as well as the metro unemployment, census, and income data.  You throw on a tinfoil hat and shout NAY!

What's more;  so what if we have a few new billionaires in town and no one else gained a thing.  How would that be bad news for Tulsa?  Everyone knows how horrible our current resident billionaire, George Kaiser, is for the community.  Certainly they wont support your precious over priced little stores, restaurants, or art dealers.   Nope, rich people horde money and try to make they don't spend it in the community so no one else can benefit.  

Keep in mind, $300mil a year makes you a BILLIONAIRE in 3 years - given decent investments.  So Tulsa should have 11 times the Billionaires by the end of this year (we have 1, get 10 more).  Which would put Tulsa in the 10 cities in the world for Billionaires.  Between Tokyo and Paris.  Certainly good news!

Then again, those damn billionaires are always scheming to blot out the sun and what not to benefit their nuclear power plants.  At least in your world.

/back on topic, sry for the regression.

[swake]

quote:Originally posted by aoxamaxoa

from crazee Cramer... http://www.youtube.com/watch?v=SWksEJQEYVU

yep....you have less than 1% of Tulsa's population catapulted into the gazillions from oil going strataspheric and oh my, everyone's all of a sudden better off....right Reagon...er, TulsaWhirled.

I won't be conned into believing this even if it is PGA weak.

And they're off!

Go Aox, where are you doubleA, calling Shadows, ONWARD BLOGGERS! Get that Tulsa Blows bandwagon going!

[TheArtist]

The article states that manufacturing jobs were up too. Also the "BEA" shows that "earnings by place of work" increased.

http://www.bea.gov/regional/bearfacts/action.cfm

Earnings of persons employed in Tulsa increased from $19,939,610* in 2004 to $21,400,137* in 2005, an increase of 7.3 percent. The 2004-2005 state change was 6.4 percent and the national change was 5.6 percent. The average annual growth rate from the 1995 estimate of $12,184,450* to the 2005 estimate was 5.8 percent. The average annual growth rate for the state was 5.7 percent and for the nation was 5.5 percent.

They also have stats that break everything down into types of jobs, industries, etc.

[shadows]

Gee that is great.  It shows that the city payroll published by the World has greatly increased average incomes..  

$18+per hour average wage, while many are working for the minimum wage.  Such facts on the reversed side of the page must list reasons for illegal's.    

[TheArtist]

quote:Originally posted by shadows

Gee that is great.  It shows that the city payroll published by the World has greatly increased average incomes..  

$18+per hour average wage, while many are working for the minimum wage.  Such facts on the reversed side of the page must list reasons for illegal's.    

Like other places dont have people working for minimum wage? If you dont want to work for minimum wage go to school. I just saw on the news where a company is trying to fill welding positions and is having a hard time getting enough people. They are paying people to go to school, one company is paying people to learn in house. If you want to increase your income, one way is to go to college. Need I lay out all the stats that show how much a persons income increases from, non high school grad, to associates, to bachelors, etc.? Think someone is going to get rich if they are a high school drop out or dont have any schooling above that? They are going to be working at grocery stores and mc donalds etc. and be poor. We finally have some public colleges here and a great Jr College that is continually growing. Sounds like good news getting better. Lots of trends are pointing up. Everything and everyone isnt going to be perfect all at once. Thats not how it works.

[cannon_fodder]

quote:Originally posted by shadows

Gee that is great.  It shows that the city payroll published by the World has greatly increased average incomes..  

$18+per hour average wage, while many are working for the minimum wage.  Such facts on the reversed side of the page must list reasons for illegal's.    

Lose the tinfoil hat, grab a calculator:  
- There are 900,000 people in the metro statistical area.  
- The city employees 4,000 people

With an increase from 34,685 to 37,564 for average wage, EACH city employee would have to earn an additional [((37564-34685)900000)/4000] $647,775.00 per year.

Did my garbage man recently get a $620,000.00 raise no one told me about?
- - - - -

And you do not need to go to college to make a good living.  

Welder's do pretty well.  Truck Drivers average $50K.  Crane Operators can easily earn in excess of $70,000 a year.  If you're willing to travel, go do some pipeline work over seas or in the gulf and rack in $100,000.  Of course, at any of those jobs you would actually have to show up daily, be on time, and work your butt off as you perfect your skill.

Its a labor market.  Get something to sell be it educational level, skill, or proven reliability.  Then you'll make more money.

[sauerkraut]

I think that since the passage of bill #1804 that clamps down on the hiring of illegal aliens the wages started to go up. There is a direct connection between illegal workers and low wages. Not only is Oklahoma bill #1804 a good thing, but it'll open up more jobs for U.S. citizens. That's my take on the subject. Employers now would rather hire someone who's legal than risk heavy fines and perhaps jail time by hiring illegals to save some money. Also when you hire illegals you have no idea who they are or what their background is or even if the name they use is real. They could have long criminal backgrounds and there's no way to check that.

[RecycleMichael]

quote:Originally posted by shadows

Gee that is great.  It shows that the city payroll published by the World has greatly increased average incomes..  

Come on shadows...please explain why you hate government and especially city workers?

I keep asking and you don't ever explain.

[Renaissance]

quote:Originally posted by sauerkraut

I think that since the passage of bill #1804 that clamps down on the hiring of illegal aliens the wages started to go up. There is a direct connection between illegal workers and low wages. Not only is Oklahoma bill #1804 a good thing, but it'll open up more jobs for U.S. citizens. That's my take on the subject. Employers now would rather hire someone who's legal than risk heavy fines and perhaps jail time by hiring illegals to save some money. Also when you hire illegals you have no idea who they are or what their background is or even if the name they use is real. They could have long criminal backgrounds and there's no way to check that.

Yes, and Tulsa needs more quality running trails, like Omaha.  []