Oklahoma's Oil And Gas Industry Boosts Economy

Tuesday, March 27th 2007, 11:20 am
By: News On 6

OKLAHOMA CITY (AP) _ Oklahoma's per capita personal income grows by 7.6% last year, the third-highest growth rate nationally. That's according to preliminary federal figures released Tuesday. Oklahoma has not ranked this high since the state was # 1 in personal income growth during the oil boom in 1979.

Personal income in the state grew to $32,210 in 2006, which is 37th nationally.

That compares to $29,948 in 2005, which was 39th among all states.

According to statistics released by the U.S. Department of Commerce's Bureau of Economic Analysis, the mining sector, which includes the oil and gas industry, accounted for about a third of the growth in earnings in Oklahoma last year.

Nationally, personal income grew 6.3% last year, up from 5.2% in 2005.