February 2023 City Scoop: Oklahoma City
City Grill
Aaron Stoops
Vice President —
Oklahoma City
Crossland
Construction Co.
Contrary to any expectations of a possible construction slowdown, Oklahoma City’s market “is going strong” as 2023 begins, says Stoops, with “tons of projects out for bid right now.” Case in point: Oklahoma City Public Schools recently passed a $955-million bond package, which will fund school improvements with a goal of completing projects by 2026, Stoops says.
Additionally, a penny increase in the city’s sales tax that went into effect in 2020 is expected to raise $978 million for municipal projects. Of that amount, the city plans to spend the largest amount, $154 million, on parks, and $118 million on youth centers, among other items.
Regarding the area’s construction market, Stoops says, “The growth is tremendous.” Notably, many area projects are continuing to move forward despite the impacts of inflation and lingering supply-chain snags, he says.
“Interest rates are kind of pressing from the top, and then we get this bottom squeeze on material pricing, and it’s just making the construction dollar smaller and smaller,” he says. “But people are still wanting to move forward with work.”
