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Answer: After the oil pool ran dry in 1950, the Tulsa economy underwent a process of diversification to reduce its dependence on the oil industry. Here are some key ways in which Tulsa diversified its economy:
1. Aviation and Aerospace: Tulsa became a hub for aviation and aerospace industries. Companies like American Airlines, McDonnell Douglas (now Boeing), and Rockwell International established operations in Tulsa. The city also became a major center for aircraft maintenance, repair, and overhaul (MRO) services.
2. Manufacturing and Industry: Tulsa expanded its manufacturing sector by attracting companies in various industries. This included automotive manufacturing, machinery production, electronics, and metal fabrication. The city offered incentives to attract new businesses and encourage existing ones to expand.
3. Information Technology: Tulsa saw growth in the information technology sector. The city focused on developing its technology infrastructure and providing support to tech startups and companies. This led to the establishment of technology parks and innovation centers.
4. Health Care and Biotechnology: Health care became a significant sector in Tulsa's economy. The city saw the growth of hospitals, medical research facilities, and biotechnology companies. The presence of major medical centers and universities contributed to this diversification.
5. Education and Research: Tulsa invested in education and research institutions, such as the University of Tulsa and the Oklahoma State University Center for Health Sciences. These institutions fostered innovation, research, and development, attracting intellectual capital and driving economic diversification.
6. Tourism and Hospitality: Tulsa developed its tourism industry by promoting its cultural attractions, events, and recreational facilities. The city invested in convention centers, hotels, and entertainment venues to attract visitors and boost the hospitality sector.
Through these diversification efforts, Tulsa managed to reduce its dependence on the oil industry and create a more resilient and diverse economy.
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