By Senator Jay Paul Gumm, D-Durant
Happy New Year, everybody! As Oklahoma enters the first full year of its second century as a state, we received some very good news about our economy.
We learned last week that Oklahoma’s personal income grew faster than the national average during the third quarter of 2007. That increase was driven primarily by growth in the oil and gas industry, according to a report by the U.S. Bureau of Economic Analysis.
By driving around southern Oklahoma, you can see evidence of this good news in new drilling rigs and seismic crews all over the countryside. The result of the new gas exploration in our region is showing up in our state’s economy. We also see it with the creation of new energy jobs and the distribution of royalty checks across the area.
Oklahoma’s personal income grew 1.8 percent in the third quarter, topping the national rate of 1.4 percent. Oklahoma ranked fifth among the states in personal income growth for the third quarter. For a state whose income has lagged behind most of the nation, this is extraordinary news for our economic future.
The report showed that the largest increase in Oklahoma’s personal income came from the mining sector, which includes the oil and gas industry. The report noted that Oklahoma saw a 0.26-percent increase in that industry sector, compared to a national average of 0.03 percent.
That means the increase in personal income driven by the oil and gas industry in Oklahoma was more than eight times the national average. The good news, however, did not end with the energy industry. Read more...
Labels: OK Legislator's Blog, Sen. Gumm
Posted at 12/31/2007 01:18:00 PM
