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Following the "Oil Bust" of 1982-84 the title of "Oil Capital of the World" was relinquished to Houston. City leaders worked to diversify the city away from a largely petroleum-based economy, bringing blue collar factory jobs as well as Internet and telecommunications firms to Tulsa during the 1990s, and enhancing the already important aviation industry. During this time, customer-service and reservations call centers became an important part of the local economy. Showing that petroleum is still an important player, an abundant supply of natural gas also helped with recovery.
The early 21st century saw Tulsa's economy, along with the national economy, facing another economic down-turn and a loss of jobs. However, recovery was reported beginning as early as 2004 and by 2006 the total number of jobs in Tulsa had increased to levels exceeding those prior to the downturn. Helped by relatively low housing prices, Tulsa continued to be an attractive market for business expansion.
Efforts by city leaders led to the passage of the "Vision 2025" program in 2003 with the purpose of enhancing and revitalizing Tulsa's infrastructure. The keystone project of Vision 2025 was the construction of the BOK Center in downtown Tulsa. The multi-purpose arena, designed by famed architect Cesar Pelli, is intended to be a home for the city's minor league hockey and arena football teams, as well as a venue for major concerts and conventions. Goundbreaking on the structure occurred in 2005 and completion is expected in 2008. Much recent attention has been paid to ideas for "destination development" along the banks of the Arkansas River.
In June of 2007, the City of Tulsa decided to back a plan prepared by INCOG for River development. The plan calls for 2 additional low-water dams to keep water in the river. More pedestrian bridges across the river that would feature small retail kiosks and food vendors would be included, as well as wharf on the southwest corner of 71st St and Riverside. The plan also includes plans for redevelopment on the west bank of the river and retail scattered and tucked away through out river parks. A complete overhaul of trails, lighting and signage would be done. The plan calls for $277 million in public money and would be put along with $100 Million dollars for the Kaiser family. The plan has the backing of the Mayor and the City Council. The project is a lot less expensive that the Channels project and covers more of the River.
Many key families and people played important roles in the history of Tulsa including the Perryman Family, the Phillips family (Frank Phillips, who founded Phillips Petroleum Company, and his brother Waite Phillips), J. Paul Getty, William G. Skelly, the Warren family, the Murphy family, the LaFortune Family, the Gardner family, the Bartlett family, Thomas Gilcrease, and Charles Page.
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