Oil and Gas Contribute to Oklahoma’s Economic Growth in Early 2017

 

Figures released Wednesday from the federal government show Oklahoma’s economy continued with its growth in the first quarter of the year, beating the national trend. And much of it is credited to the state’s resurgence in oil and gas activity.

The real gross domestic product, GDP increased by 1.9% in Oklahoma while the national average was 1.2%. The state also ranked eleventh nationally for its economic growth. Texas led the country with a first-quarter GDP of 3.9% while the low spot continued to be Nebraska where the growth amounted to a minus 4.0%.

The growth for Oklahoma was the second consecutive quarterly increase. The state’s GDP grew in the fourth quarter of last year, marking the first such growth in several previous quarters. It totaled $188.7 billion, more than the $180.4 billion reported a year ago.

 

Increases were reported in 43 states and the District of Columbia. One of the leading contributors to U.S. economic growth was mining where growth totaled 21.6 percent nationally. Mining includes oil and gas and it obviously has helped Oklahoma’s economy. The industry saw growth in 48 states with Texas, West Virginia and New Mexico seeing the fastest growth. Texas had the largest growth at 3.9% followed by 3.0% in West Virginia and 2.8 percent in New Mexico.

But farming, forestry, fishing and hunting are hurting. They dropped 39.8 percent across the nation resulting in a decline in 39 states. South Dakota, Iowa and Nebraska had the biggest declines in real GDP. Nebraska’s was largest at 4%.