Economy of Oklahoma

Economy of Oklahoma
	Flag of Oklahoma
Currency	US$ (USD)
Fiscal year	July 1 - June 30
Statistics
GDP	$200.2 billion (nominal, Q1 2020)
GDP rank	30th (Q1 2020)
GDP growth	4.0% (2020)
GDP per capita	$50,594 (2020 est)
GDP by sector	Agriculture 2% ; Industry 34% ; Services 64%
Population below poverty line	15.2% (2011)
Labor force	1.9 million (Q1 2020)
Labor force by occupation	Agriculture 1% ; Industry 16% ; Services 83%
Unemployment	5.7% (Q3 2020)
Average gross salary	$45,620 (Q2 2019)
External
Exports	$5.4 billion (2020)
Export goods	Aircraft engines, motor vehicles, precious metals, pork meat
Main export partners	Canada 27% ; Mexico 9% ; Germany 9% ; Japan 5%
Imports	$10.8 billion (2020)
Import goods	Crude Oil, turbojets, computers
Main import partners	Canada 40% ; China 22% ; Mexico 7% ; Germany 4%
Public finances
Government debt	$2.1 billion; 1% of GDP (2020)
Revenues	$19.8 (FY2020) ; (Taxation 49.3%, Federal Grants 38.9%, Other 11.8%)
Expenses	$19.8 billion (FY2014) ; (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%)
Credit rating	Standard & Poor's: AA; Moody's: Aa2; Fitch: AA ;
	; 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.

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

References

^ "Oklahoma Annual Economic Report" (PDF). Oklahoma Employment Security Commission. Retrieved 2021-03-22.
^ "Oklahoma Annual Economic Report" (PDF). Oklahoma Employment Security Commission. Retrieved 2021-03-22.
^ "QuickFacts-Oklahoma". United States Census Bureau. Retrieved 2021-03-22.
^ "Oklahoma Annual Economic Report" (PDF). Oklahoma Employment Security Commission. Retrieved 2021-03-22.
^ "Oklahoma Annual Economic Report" (PDF). Oklahoma Employment Security Commission. Retrieved 2021-03-22.
^ "State Exports from Oklahoma". United States Census Bureau. Retrieved 2021-03-22.
^ "State Imports from Oklahoma". United States Census Bureau. Retrieved 2021-03-22.
^ "State of Oklahoma Debt Report" (PDF). Oklahoma State Bond Advisor. Retrieved 2021-03-22.
^ "State of Oklahoma Comprehensive Annual Financial Report 2020" (PDF). Oklahoma Office of Management and Enterprise Services. Retrieved 2021-03-23.
^ "State of Oklahoma Comprehensive Annual Financial Report 2020" (PDF). Oklahoma Office of Management and Enterprise Services. Retrieved 2021-03-23.
^ "US State Ratings and Outlooks: Current List". S&P Global Ratings. Retrieved 2020-12-11.
^ "Oklahoma, State of (OK) Credit Ratings". Fitch Ratings. Retrieved 2020-05-11.
^ "Gross Domestic Product by State". Bureau of Economic Analysis. Retrieved 2021-03-28.
^ "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