Published: March 27, 2008 12:40 am            

City’s economy doing quite well, officials reporting

Signs America is in recession are not present in the Enid economy, and some local observers don’t expect them to be.

With strong numbers ending the fourth quarter of 2007, Enid seems to be escaping — at least so far — some of the economic ills affecting other areas of the nation.

Net taxable sales in Enid in-creased 2.2 percent in Novem-ber and 8.3 percent in December over the same months in 2006. Those months include the Christmas shopping season, the biggest sales months of the year.

February sales tax distributions from Oklahoma Tax Commission, which reflect December business, show Enid received $2,173,953.77, compared to $2,007,123.64 in February 2007.



Not in our house



Nationally, the housing finance crisis, high gas prices and other factors are fueling the recession. However, an economic decline for two quarters, which defines a recession, has not been felt in Enid.

Jon Blankenship, executive director of Greater Enid Cham-ber of Commerce, said the discussion he has heard is the real estate market is holding strong.

“We’re not part of the real estate debacle that is occurring on the East and West coasts now,” he said.

Showing growth



Garfield County is the only county in northwestern quadrant of Oklahoma that has shown growth in the last two years. From July 2006 to July 2007, Garfield County’s population grew from 57,035 to 57,657. Employment Security Commission figures show employment in Garfield County was 28,090 in January 2006 and 29,300 in January 2008.

Enid banker Bert Mackie agrees Enid is in good financial shape.

“I’m sure when people go to the grocery store or the gas pump, they feel a little pinched, but overall I see our economy doing well,” he said. “The housing market is holding up very well, particularly when you compare us to Dallas or even Oklahoma City.”



Tied to the land



Mackie said he has not felt a slowdown in the community due to the oil and agriculture sectors. Agriculture is strong, he said, and the prospects for a good wheat crop this year are present, along with the possibility of $10 per bushel of wheat. The price of oil reached $105.86 per barrel Wednesday, keeping that industry thriving. Mackie said those two sectors put a lot of money back into the economy.

“The farmers who own the land with oil and gas production are getting more money from their wells,” he said.

And, investors who bought oil and gas stock, like Continental Resources, are reaping the benefits. Continental stock has almost doubled since its initial public offering, he said.

Many in the community have invested in public companies that have brought money into the community. Oil service companies are thriving, Mackie said, because marginal oil and gas wells that were too expensive to service now are operating because the price of oil is high enough to make operation profitable.

He hesitated to call the current situation an oil boom, because he has not seen the flamboyant acts he saw in the 1980s. The current oil and gas economy has seen a slow, steady increase mainly due to supply and demand.

Gas prices in Enid reached $3.15 Wednesday.

“We feel the price is going to hang in this range for quite some time,” he said.



Sales pitch



City of Enid Finance Director Jerald Gilbert said sales tax is increasing, but there has been some fluctuation. Breaking down the sales tax receipts shows an increase over last year. In July 2007, sales tax receipts increased 6 percent. In August they went up 3.31 percent, September 6.44 percent and October 6.54 percent, he said.

“It’s a good time to be in Enid,” Mackie said.