OKLAHOMA CITY – The Oklahoma City Branch of the Federal Reserve of Kansas City has released its latest issue of the quarterly publication the Oklahoma Economist.
The downturn in Oklahoma’s economy in 2015-16 hit harder in smaller areas of the state than the Oklahoma City and Tulsa metro areas. But as oil prices stabilized in late 2016 and early 2017, so did the economy in most of nonmetro Oklahoma, according to Chad Wilkerson, branch executive, vice president and economist at the Oklahoma City Branch of the Federal Reserve Bank of Kansas City.
“Job growth has begun to pick up in mid-2017, and unemployment outside the two large metros is lower than in early 2014,” said Wilkerson. “Per capita income in many nonmetro parts of the state has grown solidly since 2001, driven largely by positive income gains in the energy and agriculture sectors.”
Wilkerson said in 2001, per capita income in Oklahoma’s nonmetro areas was less than 70 percent of the national average.
“It also was almost 10 percent lower than the average for all U.S. nonmetro areas. But by 2014, nonmetro Oklahoma’s per capita income had surpassed 80 percent of the national average, a sharp improvement in a little more than a decade,” he said.
The complete issue is available at https://www.kansascityfed.org/publications/research/oke.
The Federal Reserve Bank of Kansas City serves the Tenth Federal Reserve District, encompassing the western third of Missouri; all of Kansas, Colorado, Nebraska, Oklahoma and Wyoming; and the northern half of New Mexico. As part of the nation’s central bank, the Bank participates in setting national monetary policy, supervising and regulating numerous commercial banks and bank holding companies, and providing financial services to depository institutions. More information is available online at www.kansascityfed.org.
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