Personal Income Growth for Oklahoma Tops U.S. Average
Francis-Smith, Janice, THE JOURNAL RECORD
Personal income in Oklahoma is rising faster than the national average, according to the latest numbers released by the U.S. Bureau of Economic Analysis.
During the second quarter of 2005, total personal income for all Oklahomans totaled $103.77 billion, up 1.7 percent from $102 billion in the first quarter. Nationwide, personal income grew only 1.5 percent, to $10.2 trillion in the second quarter.
The numbers show the state is finally starting to move the needle in the right direction, said Oklahoma Secretary of Commerce and Tourism Kathy Taylor.
This state, I think, is really getting itself on the radar screen and building confidence, said Taylor. We've had the lowest unemployment rate in the region for quite some time, which is exciting, but this is the needle we really want to move - that per capita income.
Oklahoma ranked ninth in the nation for overall growth in personal income. Of the four states in the Southwest region (Oklahoma, Arizona, New Mexico and Texas), only Arizona ranked higher, coming in at fifth nationally with an overall growth of 1.9 percent.
Oklahoma's total personal income has increased by almost $8 billion since the first quarter of 2004, according to the bureau.
In terms of per capita income, Oklahoma's results have risen from $24,407 in 2000 to $27,819 in 2004 (the most recent year available for per capita data). That has kept the state ranking at 39th in the nation over the period.
Oklahoma ranked fifth out of the seven states in the region, trailing Colorado (ninth), Kansas (26th), Texas (28th) and Missouri (31st), but ranking higher than New Mexico (47th) and Arkansas (48th). …