Economy of Oklahoma

Oklahoma has a rich oil industry; it is the fifth-largest producer of crude oil. Coal and natural gas are also important.

GDP	$35,480 in 2010
Per Capita Income	$36,421 in 2010
Unemployment Rate	5.6% in 2011
Major Sectors	Agriculture, energy, transportation, manufacturing, electronics, telecommunications
Major Industries	Tire manufacturing, meat processing, oil and gas equipment manufacturing, tourism, aviation

Aviation, energy, electronics, transportation equipment, food processing, and telecommunications are major sectors/industries in Oklahoma. The state had a gross domestic product of $35,480 in 2010, while the per capita personal income was estimated at $36,421. As estimated in August 2011, the unemployment rate in the state was 5.6%.

Mining is an essential part of the economy of Oklahoma. The state is the second-largest producer of natural gas and the fifth-largest producer of crude oil. Oil has been an important source of revenue for the state since the twentieth century; it accounted for seventeen percent of the economic output of the state in 2005. Coal, crushed stone, iodine and sand and gravel are the other mined products.

Agriculture is an important sector in the economy of Oklahoma. It is the fifth-largest producer of wheat in the United States. The major crops include hay, cotton, soybeans, grain, pecans, grain sorghum, peanuts, water-melons, peaches, oats, and rye.

Oklahoma is considered one of the most business-friendly states in the United States. It is home to the headquarters of four Fortune 500 companies and two Fortune 1000 companies.

The aerospace industry is a significant industry generating $11 billion annually. The industry accounts for more than ten percent of the industrial output in the state.

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