An excerpt from the Oklahoman article “Oklahoma charts rapid personal income growth” by Brianna Bailey
Oklahoma’s personal earnings growth rate has been among the fastest in the nation over the past five years, in large part due to the energy industry, according to data released by the U.S. Commerce Department.
North Dakota, Oklahoma, and Texas have had the highest percentage earnings growth since the Great Recession ended in the second quarter of 2009, according to the U.S. Commerce Department. Those states also have seen increases for earnings in energy sector jobs, said David Lenze, an economist for the Commerce Department’s Bureau of Economic Analysis.
“The industry that contributed the most to personal income grown was mining, which includes oil and gas jobs,” Lenze said.
For the third quarter of 2014, Oklahoma ranked No. 10 in the nation for personal income growth, at a rate of 1.1 percent.