oklahoma cityOklahoma unemployment and state of economy

In early 2007, Oklahoma had a civilian labor force of 1.7 million and total non-farm employment fluctuated around 1.6 million. The government sector provides the most jobs, with 326,000 in 2007, followed by the transportation and utilities sector, providing 285,000 jobs, and the sectors of education, business, and manufacturing, providing 191,000, 178,000, and 151,000 jobs, respectively. Among the state’s largest industries, the aerospace sector generates $11 billion annually.

Tulsa is home to the largest airline maintenance base in the world, which serves as the global maintenance and engineering headquarters for American Airlines. In total, aerospace accounts for more than 10 percent of Oklahoma’s industrial output, and it is one of the top 10 states in aerospace engine manufacturing.Due to its position in the center of the United States, Oklahoma is also among the top states for logistic centers, and a major contributor to weather-related research.

The state is the top manufacturer of tires in North America and contains one of the fastest-growing biotechnology industries in the nation. In 2005, international exports from Oklahoma’s manufacturing industry totaled $4.3 billion, accounting for 3.6 percent of its economic impact. Tire manufacturing, meat processing, oil and gas equipment manufacturing, and air conditioner manufacturing are the state’s largest manufacturing industries.

Agriculture

In terms of revenue generated Oklahoma’s top five agricultural products are cattle and calves, hogs, broilers (young chickens), wheat, and dairy products.

Livestock
Oklahoma is one of the leading #5 sources of beef in the country and is the leading source of agricultural income in the state. Other important livestock products are hogs (#8), broilers (young chickens), dairy products (milk), chicken eggs, sheep and lambs, turkeys and fish (farm-raised catfish).

Crops
Oklahoma’s most valuable crop is wheat and the state ranks among the leading (#4) producers in the country.
Greenhouse and nursery products rank second with hay, cotton, soybeans, corn for grain, pecans, grain sorghum, peanuts, watermelons, and rye following.
Peaches and oats are also grown in Oklahoma.

Manufacturing
Manufacturers add value to raw products by creating manufactured items. For example, cotton cloth becomes more valuable than a boll of cotton through manufacturing processes.
Production of machinery, particularly oil field machinery, leads the manufacturing industry in Oklahoma. Construction machinery, machine parts and refrigeration and heating equipment are other types of machinery manufactured in the state.
Transportation equipment (aircraft and aerospace equipment, automobile assembly) ranks as the second most important manufacturing activity in the state followed by a variety of other items including computer and electronic equipment (electronic components, military communication systems, telephone equipment), fabricated metal products (structural metal), processed foods (meat-packing plants, animal feed, bakery products), and rubber and plastic products (tires).

Mining
Oklahoma’s most important mined products are petroleum and natural gas. The state ranks among the leading producers in the country.
Other mined products are coal, crushed stone (limestone quarries), iodine and sand and gravel. Iodine is not produced in any other state.

Services
In the services industry, the community, business and personal services group leads the way with private health care, equipment rental companies (oil field equipment, rental cars), telemarketing firms (telephone reservation systems) and repair shops.
Ranking next are the wholesale trade (food products, grain, oil and gas, transportation equipment) and retail trade (automobile dealerships, discount stores, food stores, service stations) industries along with government services (public schools, hospitals, military bases).
The third most important service industry in Oklahoma is the finance, insurance and real estate group, fueled by costs associated with the transfer of property and increasing demand for office space.
Source: U.S. Department of Agriculture: National Agricultural Statistics Service

History of Oklahoma Economy from 1950-2001

Primarily an agricultural state through the first half of the 20th century, Oklahoma has assumed a broader economic structure since the 1950s. Manufacturing heads the list of growth sectors, followed by wholesale and retail trade, services, finance, insurance, and real estate. Oil and gas extraction continues to play a major role. The oil industry boomed from the mid-1970s through the mid-1980s.

In 1985, however, the boom ended. Prices dropped from $27 a barrel to $13 a barrel within a month in 1985. In 1998, gas and oil production was valued at only $3.4 billion; one-third of what it was worth in the mid-1980s. Oklahoma’s unemployment rate, which averaged about 3% in the early 1980s, jumped to 9% in 1983, and then fell to 7% in 1985, and rose again, to 8%, in 1986. Since then, the economy has undergone a slow but steady recovery. Unemployment was at 3.4% in 1999. Gains in manufacturing made up for the losses in mining. Manufacturing output, however, peaked in 1999, and by 2001 had fallen 9.2%. The state’s overall growth rate, which accelerated from 3.5% in 1998 to 3.9% in 1999 to 6.5% in 2000, fell back to 3.2% in the national recession and slowdown of 2001. The main growth sectors in terms of output coming into the 21st century (1997 to 2001) were general services (up 26.8%), government (up 24.2%), financial services (up 2.5%) and trade (up 21.3%). The impact of the national slowdown is expected to be mitigated by Oklahoma’s military installations (Fort Sill and Tinder Air Force Base are two of the state’s top five employers) in a time of rising defense spending, and by its oil and gas industry as prices reach new highs in 2003.

In 2001, Oklahoma’s gross state product gross state product was $93.9 billion, the 29th largest among the states, to which general services contributed $17.6 billion; government, $15.8 billion; trade, $15.4 billion; manufacturing, $13 billion; financial services, $11.9 billion; transportation and public utilities, $8.8 billion; and construction, $3.9 billion. The public sector in 2001 constituted 16.8% of gross state product, well above the 12% average for the states.
source:Oklahoma-Economy

Mayor Mick Cornett of Oklahoma City, Oklahoma talks about his city; He says, Oklahoma City unemployment rate is 4.6 vs 7.6 national rate; Cornett creates city where people want to live and jobs will come.– Feb 2009 Unemployment Reports

Manufacturing lost 16,000 jobs in May, according to commission reports. From May 2008 to May 2009, mining and logging jobs decreased more than 13 percent and manufacturing jobs dropped nearly 11 percent.

The Oklahoma Employment Security Commission said the unemployment rate increased to 6.3% in May.

That’s compared to 6.2% in April and 3.6% in May of 2008.

The Oklahoma rate is still lower than the national average which is 9.4%

Oklahoma’s seasonally adjusted unemployment rate increased to 6.3 percent last month, well higher than this time last year, but much lower than the national rate.

The Oklahoma Employment Security Commission said Friday the unemployment rate in May 2008 was 3.6 percent. In April it was 6.2 percent. Last month’s national rate was 9.4 percent and many states topped 10 percent.

Over the last year, Oklahoma unemployment increased by 48,590 people.

The state has an overall labor force of nearly 1.8 million and more than 111,000 people are unemployed.—Associated press June 2009

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