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.
“Mining earnings (including oil and gas earnings) fell in most states, including major energy producers such as Texas, Oklahoma, Louisiana, Wyoming, Alaska and West Virginia,” the report said. “North Dakota, however, continued to expand and mining earnings grew 1.6 percent in that state in the third quarter.”
Oklahoma's personal income was $143.8 billion in the third quarter of 2011, the bureau said. It grew at a quarterly rate of 1 percent in the fourth quarter of 2011 and the first quarter of 2012 before slowing to 0.7 percent growth in the second quarter of 2012.
The bureau calculates personal income by including income from all sources. It includes wages, rental payments, interest, dividends and government transfers such as Social Security and unemployment compensation.