Oil boom fuels new home construction throughout Oklahoma
St. Louis homebuilder USA Wealth Partners will hold a grand opening next week for its new Elk City community. The company also plans to build homes in Sayre, Burns Flat and Altus, all because of increased oil drilling throughout western Oklahoma.
The oil boom throughout western and northern Oklahoma has led to new housing growth throughout the state.
The promise of high-paying jobs has flooded the area with more workers than many of the oil-rich communities can handle.
In other parts of the country, high unemployment and a still-sluggish economy have caused building demand to plummet.
Not in and around Oklahoma's oil patch.
Oklahoma now is importing jobs, workers and homebuilders to feed the need fueled by the success of oil and gas drilling.
St. Louis-based USA Wealth Partners on Wednesday will hold a grand opening and ribbon cutting at its Homestead Development just south of Interstate 40 in Elk City.
The neighborhood was planned and started in the early 1980s, but the oil boom went bust early into the project.
Roads and utility lines were installed on the more than 100-lot division, but fewer than 10 homes were completed.
So for 30 years the rest of the neighborhood remained empty.
Until a new oil boom set in.
USA Wealth Partners took control of the development this summer. The last home is expected to be completed in about two years.