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%.
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Famous quotes containing the word economy:
“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)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)