The Norman Transcript

Business

March 22, 2014

Single-family homes dominate Moore housing market following May 20 tornado

(Continued)

NORMAN —

Moore experienced 14.4 percent job growth from 2002 to 2011, outpacing Cleveland County and the state.

“We looked at where people work,” Yewell said. “People don’t drive very far to go to work. They can live here and take advantage of the schools and have a short drive to work.”

Moore has added jobs in retail but also has added jobs in higher-paying sectors. Despite the job growth, the largest share of Moore residents are commuters.

As of 2010, 3,002 people who live in Moore also worked in Moore. A large number of people — 10,729 — live elsewhere and commute to Moore to work, but the largest number — 21,641 — live in Moore and commute to work in other cities.

Oklahoma City is the top job provider to Moore residents with 15,959, or 55.5 percent, of Moore residents’ jobs.

Norman is also a large employer of Moore residents, based on the 2011 statistics presented by Yewell. According to that data, 2,560 Moore residents commute to Norman to work.

Much of Moore’s employment base is in retail, entertainment, hotels and restaurants along the Interstate 35 corridor, but only 16 percent of that work force lives in Moore. Yewell said that is a demographic future housing could accommodate.

Local developers are responding to the apartment demand, Yewell said. Seven hundred and two units are in the pipeline being developed.

Moore experienced a huge building boom in the 1970s. While current numbers trail that, the housing market is still robust.

Homes are affordable in Moore. The market may push more apartments, but the demand is for quality-built apartments with amenities. The good news revealed by the report is that affordable housing is available and people are rebuilding quickly after the May 20 tornado.

While the percentage of rentals is low, there are high concentrations of single-family rentals in some areas. He encouraged the city to monitor that so aging neighborhoods don’t decline.

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