29 Oct Economic and Market Data Assessment and Analysis for the City of Collinsville Comprehensive Plan
Location: Collinsville, OK
Client: City of Collinsville
Lead Consultant: TSW
Services provided: Economic and Market Data Assessment and Analysis
KB Advisory Group conducts economic and market data assessment and analysis for the City of Collinsville, OK
KB Advisory Group (KB) Scope
TSW engaged KB Advisory Group to provide an economic and market data assessment and analysis for the City of Collinsville. The report provided a summary of key demographic and economic trends impacting the future economic and housing development in the City of Collinsville, OK.
KB’s analysis was designed to support the Economic Development and Housing elements of the 2040 Comprehensive Plan, which help to establish policies to encourage the desired mix of land uses benefiting residents, employees, and businesses.
Collinsville is located between two freeway corridors (US-169 and US-75) that connect the community with the City of Tulsa. Collinsville is located about 10 miles north of Tulsa International Airport and the Tulsa Port of Catoosa, and is just to the north of the City of Owasso, another rapidly growing suburban community.
KB consultants analyzed the economic, demographic, housing, and real estate characteristics of Collinsville and the Tulsa Metropolitan Statistical Area (MSA).
KB analysts provided baseline conditions, trends and recommendations for the economic, demographic, and housing and real estate spheres for the City of Collinsville. These findings are summarized below:
- Economics: Collinsville’s primary economic opportunity will be to attract retail, leisure, hospitality, and service businesses that serve the city’s rapidly growing population. The availability of land along US-169 and US-75 in Collinsville will create opportunities for manufacturing, logistics, and other industrial uses. As Collinsville matures and attracts more professional workers, there will be opportunities for professional, medical, and co-working office development.
- Demographics: Since 2010, the pace of population growth in Collinsville has increased while the growth rate has slowed in the Tulsa region and state. Collinsville’s population is characterized as having a higher concentration of families with children than the Tulsa region or state. Collinsville is expected to add another 4,000 residents over the next 20 years, with demand fueled by young families and working professionals.
- Housing and Real Estate: The City’s housing market is dominated by single-family detached units; nearly all units built since 2000 have been this unit type. Collinsville is primarily a middle-income community with most housing valued between $100,000 and $300,000. Collinsville has a very small inventory of multifamily housing, and no modern apartment communities. The very low commercial vacancy rates in the City suggest pent-up demand for retail and office development.
KB Advisory Group‘s analysis for the City of Collinsville Comprehensive Plan provided essential data and insights that will ultimately help city officials make informed decisions about economic growth and housing development.