TULSA — Oklahoma's personal income grew 0.1 percent in the second quarter of 2009, buoyed by the $787 billion stimulus package Congress passed earlier this year, according to estimates released Friday by the U.S. Bureau of Economic Analysis.
The modest increase was slightly below the 0.2 percent national growth estimate, but far better than Oklahoma's dismal showing of negative 2.3 percent in the first quarter, as the recession finally caught up with a state whose robust oil and natural gas industry had relatively insulated it from the sour economy.
Another saving grace was that Oklahoma did not suffer the major housing bust like other states such as Florida, Arizona and Nevada.
The stimulus package, known as the American Recovery and Reinvestment Act, boosted transfer receipts such as Social Security payments and unemployment benefits and contributed to the personal income growth in every state, according to the bureau's report.
"It's a powerful impact the legislation had in the second quarter," Matthew von Kerczek, an economist with the bureau, said Friday. "The ARRA is something of an anomaly."
In all, personal income — defined as the total income received by all persons from all sources, including salary or interest earned on checking accounts — increased in the second quarter for 36 states. At an annualized rate, personal income in Oklahoma neared $129 billion in the second quarter.
"Minus the stimulus payments, personal income would be even lower," von Kerczek said.
The estimates Friday ranked Oklahoma 34th for growth from the first quarter to the second quarter of 2009, which lasted through June.
North Dakota ranked first, helped along by a thriving farming industry, while Wyoming placed last after large losses in the mining sector, according to the report.
Among its counterparts in the Southwest, Oklahoma's 0.1 percent growth was matched in Texas, another state aided by the oil and natural gas industry. New Mexico came in first with a 0.6 percent increase, while Arizona was last with a negative 0.1 percent loss.
Data from the second quarter, usually issued around mid-September, was delayed about a month because of a data glitch.
The BEA's report on state personal income estimates for the third quarter of 2009 is due Dec. 17.
___
On the Net:
http://www.bea.gov/
State News
Oklahoma personal income up slightly in 2Q
- State News
-
-
Insurance department apologizes for offensive language in email
The Oklahoma Insurance Department on Thursday apologized for what it described as “an unauthorized draft of an e-mail” that contained “offensive and unacceptable language” while promoting an upcoming tornado summit.
-
Santorum’s Oklahoma visit raises interest among voters
Former U.S. Sen. Rick Santorum’s rising star in the Republican presidential race may be translating into renewed interest among Oklahoma voters.
-
The great debate over fracking
The nation’s long-term energy future offers no free lunches or gain without pain, two geoscientists said Tuesday in a University of Tulsa debate on the merits of hydraulic fracturing.
-
Oklahoma Senate Republicans release legislative agenda, goals include income tax cut
Senate Republicans released a legislative agenda Tuesday similar to that of Gov. Mary Fallin, but short on details.
-
WPX reports proved reserves grew 9 percent for year
Tulsa-based oil and gas producer WPX Energy Inc. reported Monday that total proved reserves at year’s end grew 9 percent over 2010.
-
Tribal leaders respond to request to end lawsuit
Any realistic hope Oklahoma Gov. Mary Fallin had leaders of two southeastern Oklahoma Indian tribes would acquiesce to her request to drop a lawsuit over water rights were dashed Monday evening.
-
Oklahoma Legislature: Pair is again filing bills
The only two lawmakers who didn’t introduce any legislation last year have returned to the Capitol this year with plenty of offerings.
-
Lawmakers talk taxes
For the Oklahoma Legislature, the only certainty in 2012 is that tax policy will be the focus for much of the session that starts Monday. -
Family of man who committed suicide in jail files lawsuit
One and a half years after their son died in the Payne County Jail, Ron and Thora duBois have filed a federal lawsuit against county officials and the corporation that provides health care to county jail inmates.
-
Oklahoma DHS director resigns effective Feb. 29
In a tear-filled statement, Oklahoma Department of Human Services Director Howard Hendrick announced Tuesday he would be stepping down from the agency Feb. 29.
- More State News Headlines
-
Insurance department apologizes for offensive language in email
