The Broken Arrow job market in January 2024 demonstrated continued growth, adding to the positive trends observed in the previous months. However, the report also reflects some national economic concerns, suggesting a cautious outlook for the future.
- Job growth: The Broken Arrow economy added 1,243 new jobs in January, representing a 1.4% increase from December 2023. This growth is slightly below the national average of 1.7%.
- Unemployment rate: The unemployment rate remained steady at 3.2%, slightly higher than the national rate of 2.9%.
- Wage growth: Average weekly wages increased by 2.5% compared to January 2023, reaching $874. This growth is outpaced by inflation, suggesting a decline in purchasing power.
Highlights:
- The professional and business services sector led the job growth, adding 432 new positions, followed by education and health services with 287 new jobs.
- The leisure and hospitality industry saw the most significant growth percentage (4.2%), driven by increases in tourism and entertainment spending.
- The manufacturing sector experienced a slight decline (0.3%), reflecting national trends of automation and outsourcing.
What Industries and Occupations Grew:
- Professional and business services: Management analysts, marketing specialists, and accountants.
- Education and health services: Registered nurses, teachers, and healthcare technicians.
- Leisure and hospitality: Cooks, waiters, and bartenders.
- Retail trade: Salespersons and cashiers.
What Industries and Occupations Shrank:
- Manufacturing: Production workers, assemblers, and machine operators.
- Information: Computer and telecommunications occupations.
Compare to Same Month Last Year:
- Job growth in January 2024 was slightly lower than in January 2023 (1.4% vs. 1.7%).
- The unemployment rate remained stable compared to January 2023.
- Average weekly wages increased by 2.5% compared to January 2023, but inflation outpaced this growth.
Compare to Previous Month:
- Job growth in January 2024 was slightly higher than in December 2023 (1.4% vs. 1.2%).
- The unemployment rate remained unchanged compared to December 2023.
- Average weekly wages increased slightly compared to December 2023.
Future Outlook:
The future outlook for the Broken Arrow job market is cautiously optimistic. While the January report shows continued growth, national economic concerns like inflation and potential recessionary risks could impact the local economy in the coming months.
10 Growing Occupations in Broken Arrow, OK (January 2024):
- Registered Nurses
- Software Developers and Applications
- Home Health Aides and Personal Care Aides
- Physical Therapy Aides and Assistants
- Sales Representatives
- Wind Turbine Service Technicians
- Solar Photovoltaic Installers
- Marketing Specialists
- Truck Drivers
- Customer Service Representatives
10 Companies Hiring Now in Broken Arrow, OK (February 2024):
- Tulsa Public Schools
- Ascension St. John Broken Arrow
- Walmart
- Lowe’s
- Spirit AeroSystems
- Dollar General
- QuikTrip
- Amazon
- CHI St. Francis Broken Arrow
- FedEx Ground
Resources:
- City of Broken Arrow – Economic Development
- Bureau of Labor Statistics – Oklahoma