Newspaper article THE JOURNAL RECORD

2nd Quarter Economic Activity Rises 0.8% for OKC

Newspaper article THE JOURNAL RECORD

2nd Quarter Economic Activity Rises 0.8% for OKC

Article excerpt

By Nancy Raiden Titus

Journal Record Staff Reporter

Economic activity in Oklahoma City rose 0.8 percent in the second quarter compared with same period in 1991, according to the General Business Index released Monday.

Tulsa posted an even higher gain with a 2.5 percent increase in economic activity. Statewide, the overall increase was 0.3 percent.

The index was compiled by Southwestern Bell Telephone Co. and the University of Oklahoma.

The statewide forecast for the rest of the year called for "continued, but sluggish growth." Expansion is expected at least through the fourth quarter, but 1992 growth is no longer expected to reach a previously forecast 1.7 percent level.

The composite index for Oklahoma City was 994.3, up 0.8 percent from 986.4 a year earlier. The second quarter value also was up 0.9 percent from the 985.5 given for the first quarter of the year.

Tulsa's index value was 1,008.5, up 2.5 percent from 984.2 in the 1991 quarter. The state had an index value of 991.3, up 0.3 percent from 988.5 a year earlier.

Craig Knutson, staff economist for Southwestern Bell, commented on Oklahoma's No. 1 economic performance ranking in a listing by U.S. News World Report.

"This survey _ like the GBI _ shows that while Oklahoma's economy did improve in some areas, the state is not recovering in several other areas. If we ranked high, I believe it's really more a function of a poor performance nationally than it is of a superior performance in Oklahoma."

The General Business Index is composed of six economic sectors. Half of the sectors showed that Oklahoma had statewide increases during the second quarter while the other three showed declines. Real estate, general and agricultural sectors had gains, while manufacturing, energy and consumer demand declined.

Real estate led the way with an increase of 1.5 percent due mainly to a rise in building permit activity and tax collections on the sale of building materials.

"Residential real estate activity in Oklahoma continues to outperform that of several regions and most states across the country," Knutson said. …

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