Economy/Cost of Living
Industry
Snapshot | Education
Recreation &
Entertainment | Transportation | Geography
& Climate
History | Suggested Reading
List
With just over 3.5 million people, Oklahoma ranks 28th in population among the United States. The
largest cities in the Sooner State are Oklahoma City,
Tulsa, Norman, Lawton,
Broken Arrow, Edmond, Midwest City,
Enid, Moore, and Stillwater.
Agriculture remains a vital sector in the Sooner State’s economy. Livestock is of great importance,
particularly beef cattle, hogs, poultry, eggs, sheep and lambs, dairy, turkeys, farm-raised catfish,
and horses. Important crops in Oklahoma include wheat, hay, peanuts, cotton, corn, feed grains,
soybeans, pecans, grain sorghum, watermelons, rye, peaches, and oats. Additionally, greenhouse and
nursery products are important commodities.
Oklahoma contains significant mineral wealth, especially in petroleum and natural gas. Other mineral
commodities include gypsum, coal, sand, crushed stone, gravel, zinc, copper, silver, helium, and iodine.
Timber is another valuable natural resource.
Manufacturing is of tremendous importance to the Sooner State’s economy. Machinery production is
vital, especially for oil field machinery, construction machinery, machine parts, and refrigeration and
heating equipment. Oklahoma also relies upon production of transportation equipment, as well as
computer and electronic equipment, fabricated metal products, processed foods, and rubber and plastic
products as important commodities.
The service industry contributes significantly to Oklahoma’s economy. Important service groups
include community, business, and personal services, as well as private health care, equipment rental
companies, telemarketing firms, and repair shops. Wholesale and retail trade, government services,
and financial services are all of great importance.
With regards to Oklahoma’s cost of living, in 2005, the Sooner State had a median household income
of $37,063 and a per capita personal income (PCPI) of $29,948. The average annual growth rate of PCPI
between 1995 and 2005 was 4.7 percent, compared to the average annual rate of 4.1 percent for the
nation. Oklahoma boasts a home ownership rate of 72.9 percent. The unemployment rate is 4.0 percent.
Oklahoma levies a sales tax of 4.5 percent, with prescription drugs exempt. The highest bracket for
personal income taxes is 6.25 percent. Oklahoma’s overall cost of living ranks below that of the
national average.
Related Resources:
|
