The Edmond Sun

State News

June 6, 2012

Oklahoma's GDP increase in 2011 is one of 43 states that rose

TULSA — Oklahoma was among 43 states and the District of Columbia that recorded an increase in real gross domestic product in 2011, the U.S. Bureau of Economic Analysis reported Tuesday.

The state's real GDP growth of 1 percent last year resulted in a No. 29 ranking nationwide compared to a revised No. 37 ranking based on 2 percent growth in 2010.

Oklahoma posted a real GDP of $134.1 billion last year, up from a revised $132.8 billion in 2010, according to the bureau.

“Oklahoma was in the middle of the pack in … growth, and the leading contributors were durable-goods manufacturing and wholesale trade,” said Clifford Woodruff, an economist with the bureau.

Gross domestic product measures the value of all goods and services produced, providing a broad measure of economic growth. Real GDP is an inflation-adjusted measure of each state's GDP that is based on national prices for the goods and services produced within that state.

U.S. real GDP by state grew 1.5 percent last year after a 3.1 percent increase in 2010. Durable-goods manufacturing was the largest contributor to U.S. real GDP by state growth, increasing 7.9 percent last year after increasing 17.0 percent in 2010, according to the report.

It also was the leading contributor to real GDP growth in the state, followed by wholesale trade, health care and social aid and then mining.

Even though mining was not a major contributor to real GDP growth for the nation, it was a large contributor in several states, including North Dakota — the fastest-growing state with a real GDP growth of 7.6 percent.

Oklahoma's per capita real GDP was $35,381 in 2011, up from $35,313 in 2010. Per capita real GDP ranged from a high of $63,159 in Delaware to a low of $28,293 in Mississippi, according to the BEA.

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