Category Archives: Business

Tulsa Rents up 1.5% over past month

Apartment List is reporting their national rent index jumped another 2.1%, a slight dip from August’s 2.5% increase, but still pacing far ahead of the typical monthly growth from recent pre-pandemic years. With inflation concerns heating up, the national median rent has now increased by 13.8% in 2021, more than 3x the average growth rate of recent pre-pandemic years.

Rents are currently increasing in all of the nation’s 100 largest cities, and there are now just 8 cities remaining where rents are still below pre-pandemic levels. This rapid rent growth is a symptom of record high demand clashing with historically tight vacancies.

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Senate Bill 315 helps OK distilleries

Rep. Kevin McDugle, R-Broken Arrow, this week praised the impact that Senate Bill 315 has had for Oklahoma distilleries. The bill, authored by McDugle in the House, modernizes some of Oklahoma’s liquor laws by authorizing distilleries to sell their own products for either on- or off- premises consumption. The measure also authorizes distiller licensees to sell spirits at public events such as trade shows or festivals.

Products offered for sale must have been sold and shipped to an Oklahoma licensed wine and spirits wholesaler before being made available for purchase by the distiller licensee. Spirits sold pursuant to these provisions are capped at 15,000 gallons in combination per calendar year.

Mitchell McDaniel with Hochatown Distilling says it greatly improves customer access, experience and helps grow Oklahoma tourism.

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Rents in Tulsa up 1.3% over past month

This month Apartment List reports the national rent index jumped another 2.5%, tying last month’s record-setting growth. The national median rent has now increased by 11.5% in 2021, and is 9.4% above the pre-pandemic level from March 2020. That’s inflation.

Rents are still below pre-pandemic levels in a handful of pricey markets (e.g., San Francisco, NYC), but even in these cities prices are quickly rebounding. In fact, rents are now increasing in virtually all of the nation’s 100 largest cities. What follows are the Tulsa Metro highlights and national market illustration.

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Court sides with states challenging Biden

LAKE CHARLES, LA – A federal judge in Louisiana has sided with a group of states, including Oklahoma, who have challenged President Joe Biden’s attempt to disrupt America’s energy industry through an executive order.

Judge Terry Doughty has issued a preliminary injunction, blocking the Biden administration’s effort to halt the sale of new oil and gas leases on federal land and offshore wells. In his ruling, Judge Doughty said the states challenging the moratorium demonstrated that it is likely unlawful and poses a substantial threat of irreparable injury by jeopardizing millions, possibly billions, of dollars of economic activity. Oklahoma Solicitor General Mithun Mansinghani, who represents Oklahoma in the litigation, applauded the judge’s action.

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Thanks Biden: Inflation accelerating

The Consumer Price Index (CPI) climbed 4.2 percent annually in April. Compared with March, prices rose 0.8 percent according to the Department of Labor and generally under reported by media.  This CPI records the largest increase since 2008, but exclude food and energy, categories that can be volatile month-to-month.  CPI rose three times faster than the estimates of 2.3 percent.

Families can see the “food and energy” not included as they review expense for gas and groceries.  Federal Reserve officials reportedly believe this will last only a few months and that inflation will be transitory. Other economists worry the higher that expected jump in CPI could trend to “runaway inflation” which occurs when prices not only rise but accelerate, as the cost of living grows and consumer purchasing power falls.  Recent economic history in Venezuela show a modern “worst case” of inflationary impact often associated with Marxists governments.

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