Farm, construction income push quarterly income gains in Oklahoma
Personal income in Oklahoma grew faster than the national average in the third quarter, the federal Bureau of Economic Analysis said Wednesday.
Personal income grew in Oklahoma in the third quarter as farm and construction income outpaced other industries and the state's growth topped the national average, the U.S. Bureau of Economic Analysis said Wednesday.
Personal income grew by 0.7 percent in the July to September period to more than $148.7 billion, the bureau said. It was $147.7 billion in the second quarter. Nationally, personal income growth slowed to 0.5 percent, down from 0.7 percent in the second quarter.
Oklahoma's growth rate put it in the second-highest tier of states for income growth in the third quarter, the bureau said. Nationally, the state's growth rate came in at No. 13 for the third quarter.
Insurance payments from farm losses due to the summer drought helped push farm income higher. Excluding those payments, though, farm income fell nationally, the bureau said.
Construction industry earnings grew 3.3 percent in Oklahoma and 3.6 percent in Texas. Combined, those two states accounted for more than half of the $4.4 billion increase in quarterly construction earnings in the other 48 states, the report said.
Earnings in the mining sector, which includes oil and gas development, declined in the third quarter in Oklahoma and several other states. Oklahoma also saw small personal income declines in finance; professional and technical services; and administrative services sectors.