Oklahoma’s economy grew at the third-fastest clip in the country in the third quarter of last year, as oil and gas production boosted the gross domestic product in states that provide energy.
The state’s real GDP grew 5.5% at an annual rate from the second quarter to the third quarter, behind only Alaska, at 8.7%, and Texas, at 8.2%, according to the U.S. Bureau of Economic Analysis.
“With the state’s recent increase in jobs and massive population gains coupled with these GDP increases, Oklahoma is on an exciting trajectory,” said Chad Mariska, Oklahoma secretary of commerce and workforce development.
“We have a real opportunity here to tell Oklahoma’s story — from talent attraction efforts to showcasing our pro-business policies. People and companies are buying what Oklahoma is selling and I’m excited to see our momentum continue.”
The growth in the quarter that includes July, August and September was fueled by the oil and gas sector, which contributed $1 billion, while the transportation and warehousing sector contributed $444.5 million, according to the Oklahoma Department of Commerce.
The arts, entertainment and recreation sector had the highest percentage gain, 7.3%, from the second quarter, the state department said. State, local and tribal governments have made a major push to attract more film and television production.
Nationally, the mining industry, which includes oil and gas extraction, “was the leading contributor to the increases in real GDP in Alaska, Texas, Oklahoma, Wyoming, North Dakota, and New Mexico, the six states with the largest increases in real GDP, and in West Virginia, the state with the eighth-largest increase in real GDP,” according to the Bureau of Economic Analysis, which is part of the U.S. Department of Commerce.
Oklahoma’s real GDP in the third quarter, seasonally adjusted on an annual basis, was $191.9 billion.
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The bureau defines Gross Domestic Product by state as the market value of goods and services produced by the labor and property located in a state.
The economic activity in Oklahoma led to record tax revenue, with 12-month gross receipts reaching $17.4 billion, according to a state treasurer’s report this month. That was up almost 15% from last year.
Meanwhile, the state’s personal income grew 5.9% at an annual rate from the second to the third quarter, which was the 13th-highest increase in the country and beat the national average of 5.3%, according to the U.S. Bureau of Economic Analysis.
Personal income in Oklahoma was $222 billion in the third quarter of 2022, with the biggest percentage increase in net earnings, comprised of wages and salaries and supplements to those.
State unemployment figures for December are scheduled to be released next week.
Article Source: https://www.oklahoman.com/story/business/economy/2023/01/20/oklahoma-economic-growth-among-nations-best-in-third-quarter/69822592007/