The fundamentals underlying Oklahoma’s economy have gained strength. Our leading sectors continue to expand and corporate profits are good, keeping our unemployment rate one of the lowest in the country. Productivity growth in Oklahoma was twice the U.S. rate for the first half of the year, and our banks and real estate prices remain healthy.
Seasonally Adjusted Unemployment statewide fell for another month and is 5.3%, almost 4% below the national average (see image below).
Residential building permits have nearly doubled in the past year.
The number of active oil rigs have nearly doubled in the since last year as well, fuelling much of the state’s income increase as mentioned in a previous post.
Unfortunately the new has some rough spots as well. Agriculture losses from the historic drought gripping Oklahoma are estimated at more than $2 billion and climbing. That figure was announced by Oklahoma Agriculture Secretary Jim Reese during Oklahoma Farm Bureau’s Drought Recovery Summit Aug. 30.