Economy
With sectors based in aviation, energy, transportation equipment, food processing, electronics, and telecommunications, Oklahoma is an important producer of natural gas, aircraft, and food. The state ranks second in the nation for production of natural gas, is the 27th-most agriculturally productive state, and also ranks 5th in production of wheat. Four Fortune 500 companies and six Fortune 1000 companies are headquartered in Oklahoma, and it has been rated one of the most business-friendly states in the nation, with the 7th-lowest tax burden in 2007.
In 2010, Oklahoma City-based Love's Travel Stops & Country Stores ranked 18th on the Forbe's list of largest private companies, Tulsa-based QuikTrip ranked 37th, and Oklahoma City-based Hobby Lobby ranked 198th in 2010 report. Oklahoma's gross domestic product grew from $131.9 billion in 2006 to $147.5 billion in 2010, a jump of 10.6 percent. Oklahoma's gross domestic product per capita was $35,480 in 2010, which was ranked 40th among the states.
Though oil has historically dominated the state's economy, a collapse in the energy industry during the 1980s led to the loss of nearly 90,000 energy-related jobs between 1980 and 2000, severely damaging the local economy. Oil accounted for 35 billion dollars in Oklahoma's economy in 2007, and employment in the state's oil industry was outpaced by five other industries in 2007. As of August 2011, the state's unemployment rate is 5.6%.
Read more about this topic: Oklahoma
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)