Energy Continues Boosting Oklahoma’s Economy

Another sign that Oklahoma’s economy is making improvements, albeit small ones. The August report from the Creighton Economic Forecasting Group directed by economics professor Ernie Goss show more positive movement.

Oklahoma is one of 9 Midwestern states where supply managers are surveyed.

“After falling below growth neutral for July, Oklahoma’s overall index climbed to 56.2 last month compared with 49.4 in July,” offered Goss who explained anything more than 50 is positive news.

His survey showed new orders in Oklahoma were at 52.2, production or sales at 60.9, delivery lead time at 54.7, inventories at 55.1 and employment at 57.9.

“The state is adding manufacturing jobs at an annual pace of almost 2 percent and growing nonmanufacturing employment at a rate slightly above one percent,” said Goss. “Our surveys over the past several months indicate this positive trend will continue for the remainder of 2017.

At least one other state with a heavy dependence on the oil and gas industry, North Dakota also saw big gains. North Dakota’s overall index rose to a regional high of 69.1 last month from July’s 6.7. New orders were at 64.3, production or sales at 73.0 employment at 71.3 and inventories at 67.8.
“While the state is losing manufacturing jobs at an annual pace of approximately 2 percent, North Dakota is growing jobs linked to energy and nonmanufacturing employment at a rate exceeding 1.5 percent,” said Goss. “The past several months’ surveys indicate the trend will gain stream for the remainder of the year as the state’s energy sector boosts the overall state economy.”