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Oklahoma is among leaders in personal income growth

Chad Wilkerson, Federal Reserve economist in Oklahoma City, said only one state — oil-rich North Dakota — has topped Oklahoma in personal income growth for each of the past four quarters.
by Don Mecoy Modified: September 25, 2012 at 8:42 pm •  Published: September 26, 2012
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In the second quarter, Oklahoma was one of 10 states that experienced accelerated growth when compared to the previous quarter. Growth slowed in 39 states and the District of Columbia, and was unchanged in Nevada.

Personal income growth ranged from 2.1 percent in North Dakota to 0.4 percent in New Mexico. Inflation, as measured by the national price index for personal consumption expenditures, slowed to 0.2 percent in the second quarter from 0.6 percent in the first quarter, the bureau said.

The income numbers reflect a robust energy sector driving the economies of Oklahoma and North Dakota, Wilkerson said.

“Energy has continued to grow in terms of income, and that spills over quickly into durable manufacturing, wholesale trade, and transportation,” he said.

Federal government and military incomes were flat in the second quarter among Oklahomans while state and local government recorded a small gain.

Oklahoma farm income dipped slightly, which Wilkerson attributed in part to drought conditions.

The Bureau of Economic Analysis defines personal income as that received by all persons from all sources, which includes the sum of net earnings by place of residence, property income, and personal current transfer receipts. It is measured before deduction of income taxes and other personal taxes.

by Don Mecoy
Business Editor
Business Editor Don Mecoy has covered business news for more than a decade after earlier working on The Oklahoman's city, state and metro news desks, including a stint as city editor. He has won state and regional journalism awards for business,...
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