Economy of Oklahoma

Economy of Oklahoma
Flag of Oklahoma
CurrencyUS$ (USD)
July 1 - June 30
Statistics
GDP$200.2 billion (nominal, Q1 2020)[1]
GDP rankDecrease 30th (Q1 2020)
GDP growth
Decrease 4.0% (2020)[2]
GDP per capita
$50,594 (2020 est)
GDP by sector
Agriculture 2%
Industry 34%
Services 64%
Population below poverty line
15.2% (2011)[3]
Labor force
Increase 1.9 million (Q1 2020)[4]
Labor force by occupation
Agriculture 1%
Industry 16%
Services 83%
UnemploymentNegative increase 5.7% (Q3 2020)[5]
Average gross salary
$45,620 (Q2 2019)
External
ExportsDecrease $5.4 billion (2020) [6]
Export goods
Aircraft engines, motor vehicles, precious metals, pork meat
Main export partners
 Canada 27%
 Mexico 9%
 Germany 9%
 Japan 5%
ImportsPositive decrease $10.8 billion (2020)[7]
Import goods
Crude Oil, turbojets, computers
Main import partners
 Canada 40%
 China 22%
 Mexico 7%
 Germany 4%
Public finances
Negative increase $2.1 billion; 1% of GDP (2020)[8]
Revenues$19.8 (FY2020)[9]
(Taxation 49.3%, Federal Grants 38.9%, Other 11.8%)
Expenses$19.8 billion (FY2014)[10]
(Health Services 31.3 %, Education 26.1%, Social Services 12.4%, Gov't Admin 10.9%, Public Safety 4.6%, Debt Service 1.4%, Other 13.3%)
All values, unless otherwise stated, are in US dollars.


The economy of Oklahoma is the 30th largest in the United States. Oklahoma's gross state product (GSP) is approximately $197.2 billion as of December 2018.

Data

Historical data

The history of Oklahoma's GSP according to the Bureau of Economic Analysis and the United States Census Bureau[13]

Year Nominal GSP
(in bil. US-Dollar) 		GSP growth
(in percent) 		Population
(in thousands) 		Population growth
(in percent) 		GSP per capita
(in US Dollars) 		Unemployment
(in percent) 		State Government spending
(in % of GSP) 		State Government debt
(in % of GSP) 		Current account balance
(in % of GSP)
2020 Decrease 185.9 Decrease -8.0 Increase 3,981 Increase 0.6 Decrease 46,697 Negative increase 4.7 Increase 10.7 Increase 4.6 Decrease -2.9
2019 Increase 201.3 Increase 1.7 Increase 3,957 Increase 0.4 Increase 51,049 Positive decrease 3.0 Increase 8.2 Decrease 4.1 Decrease -2.8
2018 Increase 198.6 Increase 7.1 Increase 3,940 Increase 0.2 Increase 50,406 Positive decrease 3.2 Decrease 8.8 Decrease 4.2 Decrease -2.6
2017 Increase 185.5 Increase 0.7 Increase 3,931 Increase 0.1 Increase 47,189 Positive decrease 3.8 Decrease 9.4 Increase 4.3 Decrease -2.3
2016 Decrease 177.8 Decrease -3.4 Increase 3,926 Increase 0.4 Decrease 45,288 Negative increase 4.5 Increase 10.1 Increase 4.2
2015 Decrease 184.1 Decrease -4.9 Increase 3,910 Increase 0.8 Increase 47,084 Positive decrease 4.4 Increase 9.5 Increase 4.1
2014 Increase 193.5 Increase 6.4 Increase 3,878 Increase 0.6 Increase 49,897 Steady 5.0 Decrease 9.0 Decrease 3.4
2013 Increase 181.9 Increase 5.0 Increase 3,853 Increase 0.9 Increase 47,210 Positive decrease 5.0 Decrease 9.3 Decrease 3.5
2012 Increase 173.2 Increase 4.9 Increase 3,819 Increase 0.8 Increase 45,352 Positive decrease 5.1 Decrease 9.6 Decrease 3.9
2011 Increase 165.1 Increase 7.8 Increase 3,788 Increase 1.7 Increase 43,585 Positive decrease 5.4 Decrease 10.1 Increase 4.3
2010 Decrease 153.2 Decrease -4.1 Increase 3,724 Increase 1.0 Decrease 41,139 Positive decrease 6.1 Increase 10.8
2009 Steady 159.8 Steady 0.0 Increase 3,686 Increase 1.3 Decrease 43,353 Negative increase 7.0 Increase 10.1
2008 Increase 159.8 Increase 10.4 Increase 3,640 Increase 0.9 Increase 43,901 Negative increase 4.7 Decrease 9.4
2007 Increase 144.8 Increase 5.8 Increase 3,609 Increase 1.4 Increase 40,122 Positive decrease 3.6 Increase 9.7

GSP by industry

Industries value added to Oklahoma GDP in Q1 2020. Sectors percentages are compared to sector percentages of United States GDP.

Sector OK value ($ billions) Sector % of OK GDP Sector % of US GDP
Agriculture a 4.4 2.2% 1%
Mining b 45.0 22.5% 3%
Construction c 5.6 2.8% 2%
Manufacturing d 16.6 8.3% 4%
Trade, Transportation, and Utilities e 35.8 17.9% 12%
Information f 5.2 2.6% 5%
Finance g 22.0 11.0% 20%
Professional h 16.4 8.2% 12%
Education and Health i 14.0 7.0% 8%
Entertainment j 5.4 2.7% 4%
Other Services k 3.4 1.7% 2%
Government l 27.8 13.9% 12%
Total 200.2 100% 100%

Employment

There were approximately 1.8 million in the Oklahoma labor force in 2018. The private sector employs 90% of working Oklahomans, with the government (federal, state, and local) employing 9%. The largest employer in the state is the United States Department of Defense, which employs approximately 69,000 workers or 3.8% of all working Oklahomans. The largest private employer is Walmart, which employs approximately 32,000 workers or 1.8% of all working Oklahomans.

As of 2019, the top 20 employers in the State of Oklahoma were:[14]

# Employer # of employees
1 United States Department of Defense 69,000
2 Walmart 32,200
3 University of Oklahoma 17,800
4 Chickasaw Nation 11,300
5 Choctaw Nation of Oklahoma 10,000
6 Integris Health 8,900
7 Cherokee Nation 8,500
8 Oklahoma State University 8,200
9 United States Postal Service 6,900
10 Hobby Lobby 6,400
11 Oklahoma Department of Human Services 6,600
12 Mercy Health 6,300
13 Saint Francis Hospitals 6,200
14 Tulsa Public Schools 5,900
15 United States Department of Veterans Affairs 5,800
16 Braum's 5,400
17 American Airlines 5,200
18 Lowe's 5,100
19 Oklahoma City Public Schools 5,000
20 City of Oklahoma City 4,800

Taxes

Main article: Taxation in Oklahoma

See also

Oklahoma electricity production by type
See also: Wind power in Oklahoma

References

  1. ^ "Oklahoma Annual Economic Report" (PDF). Oklahoma Employment Security Commission. Retrieved 2021-03-22.
  2. ^ "Oklahoma Annual Economic Report" (PDF). Oklahoma Employment Security Commission. Retrieved 2021-03-22.
  3. ^ "QuickFacts-Oklahoma". United States Census Bureau. Retrieved 2021-03-22.
  4. ^ "Oklahoma Annual Economic Report" (PDF). Oklahoma Employment Security Commission. Retrieved 2021-03-22.
  5. ^ "Oklahoma Annual Economic Report" (PDF). Oklahoma Employment Security Commission. Retrieved 2021-03-22.
  6. ^ "State Exports from Oklahoma". United States Census Bureau. Retrieved 2021-03-22.
  7. ^ "State Imports from Oklahoma". United States Census Bureau. Retrieved 2021-03-22.
  8. ^ "State of Oklahoma Debt Report" (PDF). Oklahoma State Bond Advisor. Retrieved 2021-03-22.
  9. ^ "State of Oklahoma Comprehensive Annual Financial Report 2020" (PDF). Oklahoma Office of Management and Enterprise Services. Retrieved 2021-03-23.
  10. ^ "State of Oklahoma Comprehensive Annual Financial Report 2020" (PDF). Oklahoma Office of Management and Enterprise Services. Retrieved 2021-03-23.
  11. ^ "US State Ratings and Outlooks: Current List". S&P Global Ratings. Retrieved 2020-12-11.
  12. ^ "Oklahoma, State of (OK) Credit Ratings". Fitch Ratings. Retrieved 2020-05-11.
  13. ^ "Gross Domestic Product by State". Bureau of Economic Analysis. Retrieved 2021-03-28.
  14. ^ "Oklahoma Top Employers" (PDF). Oklahoma Department of Commerce. Retrieved 2021-03-28.

Notes

  • ^a Agriculture Sector includes establishments primarily engaged in growing crops, raising animals, harvesting timber, harvesting fish and other animals from a farm, ranch or their natural habitats
  • ^b Mining Sector includes exploration and development of minerals, including solids such as coal and ores, liquids such as crude petroleum, and gases such as natural gas
  • ^c Construction Sector comprises establishments primarily engaged in the construction of buildings or engineering projects
  • ^d Manufacturing Sector includes establishments engaged in the mechanical, physical, or chemical transformation of materials, substances, or components into new products
  • ^e Trade, Transportation, and Utitlies Sector includes wholesaling of merchandise, retailing of merchandise, passenger and freight transit, storage and warehousing of goods, and public utilities services
  • ^f Information Sector concerns publishing industries, including software publishing, motion picture and sound publishing, broadcast industries, telecommunications, and Internet service providers
  • ^g Finance Sector comprises establishment engaged in financial transactions, including banking, securities, insurance, and investment advisory services
  • ^h Professional Sector comprises establishments that specialize in performing professional, scientific, and technical activities for others
  • ^i Education and Healthcare Sector comprises schools, colleges, universities, and training centers as well as establishments providing health care and social assistance for individuals
  • ^j Entertainment Sector includes establishments that operate facilities or provide services to meet varied cultural, entertainment, and recreational interests of their patrons, such as live performances, historical exhibits, and recreationally facilities
  • ^j The Other Sector includes establishments which provide services not specifically provided for elsewhere in the classification system
  • ^l Government Sector includes the executive, legislative, judicial, administrative, regulatory, and military activities of Federal, state, and local governments together with government owned enterprises