With 2023 in the rear-view mirror, economic data for Broken Arrow shows that conditions are still ripe for continued growth and expansion, according to an annual report released by the city’s Economic Development Corp.
The BAEDC connects businesses and organizations with resources to help them grow and succeed. It works with the city of Broken Arrow to attract economic development that will bring new jobs and investments to Broken Arrow, and the corporation also works to provide resources for workforce development.
The city is seeing a large boost in the retail sector with the announcement of a $71.5 million amphitheater to be built here, the Aspen Ridge development anchored by Reasor’s new grocery store taking off, and incentives approved for the proposed Adams Creek shopping center in the Hillside Drive shopping area.
The manufacturing sector in Broken Arrow also had a strong year. The EDC logged a 55% increase in the number of expansion projects undertaken in 2023 compared to the previous year. “This surge in activity not only signifies a heightened level of engagement but also highlights the conducive environment for business development,” in Broken Arrow, Conway says.
Housing market strong
Data show the housing boom in Broken Arrow continues. According to Census data, Broken Arrow saw a median household income of $82,547, an increase of 1.4% from the year prior. Median household income for residents is 31% higher than Tulsa County and 10% higher than Wagoner County.
The city has 46,755 housing units, up 4.2% or 1,895 total units in 2023 over 2022. Seventy percent of residents own their home in Broken Arrow while 25% rent and 5% are vacant.
Median home values in Broken Arrow rose sharply at 3.3% from $203,988 in 2022 to $210,800 in 2023.
Broken Arrow also continues to shed its reputation as a bedroom community. More than 27,000 people come to Broken Arrow for work, 44,673 live in Broken Arrow but work elsewhere, and nearly 9,000 live and work in Broken Arrow.
Population, employment grow
The city’s population also continues to grow, mirroring trends seen overall in Tulsa and Wagoner County. Broken Arrow’s population rose 3.8% from 113,556 people in 2020 to 117,911 in 2023. That’s a 19.2% increase from the previous Census estimate of 2010.
Wagoner County grew at a rate of 6.9% from 80,986 in 2020 to 86,644 in 2023, while Tulsa County grew just 1.2%, from 669,272 residents in 2020 to 677,358 in 2023. Wagoner County continues to see strong growth as industrial and residential interest and new development continues to move south and east, the EDC says.
Employment figures also look promising for the city. Broken Arrow has a labor force participation rate of 68.2%, up about 2.5% from 2022. Broken Arrow’s labor force participation rate is 2.9% higher than Tulsa County, 7.1% higher than Wagoner County, and 5.6% higher than the U.S.
Manufacturing spikes
Conway says diversity is growing within the manufacturing industry. Broken Arrow saw a net new job growth of 894 new jobs last year, with a total of 45,247 jobs in the city in 2023, up 2% overall from 2022.
Broken Arrow’s top industries for new job growth in 2023 were healthcare and social assistance, (+3%), food services and construction at +2% and manufacturing and retail trade at +1%. Over the last 5 years, Broken Arrow’s top industries for job growth have been food services, retail trade, construction, transportation and warehousing and healthcare.
Additionally, Broken Arrow’s total gross regional product (GRP) in 2023 was $4.1 billion. GRP measures the final market value of all goods and services produced in the region of study.
Broken Arrow’s top industries by GRP in 2023 were manufacturing ($762 million) retail trade ($487 million), construction ($461 million), healthcare and social assistance ($333 million) and wholesale trade ($306 million).
In some of the most notable wins this year, Blue Bell Creameries announced a $78 million, 100,000-square-foot expansion of its cold storage facilities, and Alfa Laval decided it would relocate its manufacturing center from New York to Broken Arrow, a $13 million investment.
Zeeco was awarded an Oklahoma Quality Jobs incentive grant and the company plans to add 275 high-wage positions with an average wage of $80,000 per year. McElroy Mfg. purchased the former Baker Hughes manufacturing facility and is hiring 100 employees who will be working in the 173,000
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