Economy of Oklahoma

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Economy of Oklahoma
Flag of Oklahoma.svg
Flag of Oklahoma
CurrencyUS$ (USD)
July 1 - June 30
Statistics
GDP $200.2 billion (nominal, Q1 2020) [1]
GDP rankDecrease2.svg 30th (Q1 2020)
GDP growth
Decrease2.svg 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
Increase2.svg 1.9 million (Q1 2020) [4]
Labor force by occupation
Agriculture 1%
Industry 16%
Services 83%
UnemploymentIncrease Negative.svg 5.7% (Q3 2020) [5]
Average gross salary
$45,620 (Q2 2019)
External
ExportsDecrease2.svg $5.4 billion (2020) [6]
Export goods
Aircraft engines, motor vehicles, precious metals, pork meat
Main export partners
Flag of Canada (Pantone).svg  Canada 27%
Flag of Mexico.svg  Mexico 9%
Flag of Germany.svg  Germany 9%
Flag of Japan.svg  Japan 5%
ImportsDecrease Positive.svg $10.8 billion (2020) [7]
Import goods
Crude Oil, turbojets, computers
Main import partners
Flag of Canada (Pantone).svg  Canada 40%
Flag of the People's Republic of China.svg  China 22%
Flag of Mexico.svg  Mexico 7%
Flag of Germany.svg  Germany 4%
Public finances
Increase Negative.svg $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 29th largest in the United States. Oklahoma's gross state product (GSP) is approximately $197.2 billion as of December 2018.

Contents

Data

Historical data

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

YearNominal GSP
(in bil. US-Dollar)
GSP growth
(in percent)
Population
(in thounsands)
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)
2020Decrease2.svg 185.9Decrease2.svg -8.0Increase2.svg 3,981Increase2.svg 0.6Decrease2.svg 46,697Increase Negative.svg 4.7Increase2.svg 10.7Increase2.svg 4.6Decrease2.svg -2.9
2019Increase2.svg 201.3Increase2.svg 1.7Increase2.svg 3,957Increase2.svg 0.4Increase2.svg 51,049Decrease Positive.svg 3.0Increase2.svg 8.2Decrease2.svg 4.1Decrease2.svg -2.8
2018Increase2.svg 198.6Increase2.svg 7.1Increase2.svg 3,940Increase2.svg 0.2Increase2.svg 50,406Decrease Positive.svg 3.2Decrease2.svg 8.8Decrease2.svg 4.2Decrease2.svg -2.6
2017Increase2.svg 185.5Increase2.svg 0.7Increase2.svg 3,931Increase2.svg 0.1Increase2.svg 47,189Decrease Positive.svg 3.8Decrease2.svg 9.4Increase2.svg 4.3Decrease2.svg -2.3
2016Decrease2.svg 177.8Decrease2.svg -3.4Increase2.svg 3,926Increase2.svg 0.4Decrease2.svg 45,288Increase Negative.svg 4.5Increase2.svg 10.1Increase2.svg 4.2
2015Decrease2.svg 184.1Decrease2.svg -4.9Increase2.svg 3,910Increase2.svg 0.8Increase2.svg 47,084Decrease Positive.svg 4.4Increase2.svg 9.5Increase2.svg 4.1
2014Increase2.svg 193.5Increase2.svg 6.4Increase2.svg 3,878Increase2.svg 0.6Increase2.svg 49,897Steady2.svg 5.0Decrease2.svg 9.0Decrease2.svg 3.4
2013Increase2.svg 181.9Increase2.svg 5.0Increase2.svg 3,853Increase2.svg 0.9Increase2.svg 47,210Decrease Positive.svg 5.0Decrease2.svg 9.3Decrease2.svg 3.5
2012Increase2.svg 173.2Increase2.svg 4.9Increase2.svg 3,819Increase2.svg 0.8Increase2.svg 45,352Decrease Positive.svg 5.1Decrease2.svg 9.6Decrease2.svg 3.9
2011Increase2.svg 165.1Increase2.svg 7.8Increase2.svg 3,788Increase2.svg 1.7Increase2.svg 43,585Decrease Positive.svg 5.4Decrease2.svg 10.1Increase2.svg 4.3
2010Decrease2.svg 153.2Decrease2.svg -4.1Increase2.svg 3,724Increase2.svg 1.0Decrease2.svg 41,139Decrease Positive.svg 6.1Increase2.svg 10.8
2009Steady2.svg 159.8Steady2.svg 0.0Increase2.svg 3,686Increase2.svg 1.3Decrease2.svg 43,353Increase Negative.svg 7.0Increase2.svg 10.1
2008Increase2.svg 159.8Increase2.svg 10.4Increase2.svg 3,640Increase2.svg 0.9Increase2.svg 43,901Increase Negative.svg 4.7Decrease2.svg 9.4
2007Increase2.svg 144.8Increase2.svg 5.8Increase2.svg 3,609Increase2.svg 1.4Increase2.svg 40,122Decrease Positive.svg 3.6Increase2.svg 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.

SectorOK value ($ billions)Sector % of OK GDPSector % of US GDP
Agriculture a 4.42.2%1%
Mining b 45.022.5%3%
Construction c 5.62.8%2%
Manufacturing d 16.68.3%4%
Trade, Transportation, and Utilities e 35.817.9%12%
Information f 5.22.6%5%
Finance g 22.011.0%20%
Professional h 16.48.2%12%
Education and Health i 14.07.0%8%
Entertainment j 5.42.7%4%
Other Services k 3.41.7%2%
Government l 27.813.9%12%
Total200.2100%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
12Mercy Health6,300
13Saint Francis Hospitals6,200
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
20City of Oklahoma City4,800

Taxes

See also

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References

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  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.
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  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