Oklahoma's economy diversifies as housing remains affordable
What's driving growth
Oklahoma's economic growth is increasingly diversified, with health care, aerospace, technology, agriculture, and manufacturing contributing alongside energy. Google is investing $9 billion in Oklahoma over two years, including a new data center in Stillwater. Pratt & Whitney plans a $255 million investment in an 845,000-square-foot aerospace sustainment facility in Oklahoma City.
Housing market right now
The Oklahoma housing market is showing steady, modest home value appreciation through 2025 and into 2026. The median sale price for homes in Oklahoma was $236,300 as of August 2025. In April 2026, the median home sale price was $284,900, with homes taking longer to sell.
Migration patterns
Oklahoma continues to attract movers, ranking 14th in a U-Haul report for 2025 domestic migration. In 2023, the state saw a net gain of 23,370 residents, driven by affordable living. Oklahoma City and its suburbs, such as Yukon and Owasso, are popular destinations for new residents.
Headwinds
The energy sector is expected to experience weakness in 2026, with oil and gas producers hesitant to expand drilling. Inflation and interest rates remain key variables for business planning, complicating decisions around hiring and capital investment. The Oklahoma Housing Finance Agency's suspension of the federal HOME Investment Partnerships Program could impact affordable housing development, especially in rural areas.
Key facts
- Oklahoma's unemployment rate is forecast to be 3.7 percent in the second quarter of 2026, below the national forecast of 4.5 percent. (Oklahoma State University, 2025)
- The Oklahoma Transportation Commission approved an $863 million plan for rural road and bridge improvements for Fiscal Years 2025 through 2029. (Oklahoma Transportation Commission, July 2024)
- Five Oklahoma-based organizations, including the Choctaw Nation of Oklahoma and Bank of Oklahoma, were named to Forbes' 2026 America's Best Large Employers list. (Forbes, February 2026)
- Oklahoma set a record for new capital investment in 2025, with a year-to-date total of more than $13.7 billion. (Oklahoma Department of Commerce, August 2025)
- Oklahoma City's nonfarm employment increased by 0.9% in 2025, with job gains concentrated in construction, health services, and leisure hospitality. (Greater Oklahoma City Chamber, February 2026)