The Oklahoma economy has done extremely well in recent years with the oil and gas boom. It’s real estate market has followed in lockstep.
Oklahoma has been ground zero for the oil and gas explosion of recent years. Companies like Chesapeake Energy and Harold Hamm’s Continental Resources dominate the Oklahoma business landscape, and the state has done very well in recent years as “Saudi America” has really taken off.
One place where this success has really shown up? Oklahoma’s property market. Here’s the state’s overall property value index, according to Zillow, compared to the national number of jobs in oil and gas extraction:
That right there is good for a correlation of .93.
It will be worth watching, however, what happens if oil services companies keep laying off workers with the continuation of low prices. However, it is pretty insane just how dependent the Oklahoma economy is on oil and gas.