You may remember that just a couple of years ago; the state of Oklahoma was one of the fastest growing states in the country. The economy was booming, more people were actually moving to Oklahoma than away from it. Today, the same cannot be said. In fact, Oklahoma has become one of the slowest growing states.
Back when things were booming, the gross domestic product in Oklahoma surged at about 6.6%. However, just last year in 2010, Oklahoma’s growth all but halted at a very sluggish 0.7%. People are trying to move out of Oklahoma in hopes of better job opportunities.
Oklahoma’s current state GDP is at about $228 billion. While it isn’t the country’s slowest growing state, it is ranked as one of the slowest.
So what happened to make Oklahoma go from a booming economy to virtually bust? You may remember back in 2008 when energy prices were surging. Oklahoma’s oil industry grew quickly at that time which contributed to its fast-moving growth. However, when the recession hit and even through last year, that demand for energy decreased and so did the state’s economy.
Though oil remains a pretty strong sector in Oklahoma, the economy has not bounced back quite yet. But, experts are seeing a demand in energy once again which means the state’s economy might start moving back in the right direction through 2011. Let’s hope!