State News
Oklahoma personal income up slightly in 2Q
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.
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On the Net:
http://www.bea.gov/
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