#BOOM: OK Economy Listed As 4th Fastest Growing
Oklahoma hits Bureau of Economic Analysis list as one of fastest growing economies in nation
By Catherine Sweeney, Business Writer
Oklahoma’s energy industry helped create one of the top five fastest growing statewide economies in the nation, according to federal figures released Wednesday.
With an increase of 4.17 percent, Oklahoma ranks fourth in GDP growth from 2012 to 2013, according to a report from the U.S. Bureau of Economic Analysis. The state trails only North Dakota, West Virginia and Wyoming. The country saw a growth of 1.9 percent.
“What these three states … and Oklahoma have in common is that they rely heavily on the mining industry,” said Mickey Hepner, University of Central Oklahoma’s College of Business dean.
Mining, which includes oil and natural gas exploration and production, was Oklahoma’s fastest growing industry in 2013, with an increase of 19.22 percent since 2012, according to Wednesday’s release.