Oklahomas Economic Performance Oklahoma Department of Commerce - - PowerPoint PPT Presentation

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Aug 15, 2022 233 likes •512 views

Oklahomas Economic Performance Oklahoma Department of Commerce Economic Measures Employment Unemployment Labor Force Participation Gender Age Income Education Month over Month Employment Year over

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Oklahoma Department of Commerce

Oklahoma’s Economic Performance

SLIDE 2

Economic Measures

Employment
Unemployment
Labor Force
Participation

Gender Age Income Education

SLIDE 3

Month‐over‐Month Employment

SLIDE 4

Year‐over‐Year Growth by State

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%

AR TX IN CO IA WY NM CT RI TN NY ID AL AZ MN OH OK VA OR AK VT SD DC WI ME NV KS PA LA HI NJ WA NC GA MI CA IL ND NE FL SC MS MT NH MO MA KY WV MD DE

Oklahoma experienced nearly 4% employment growth YoY and nearby states (Arkansas, Texas, and Colorado) have also experienced strong growth

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Employment Growth Rates

13 14

Source: BLS, CES Seasonally adjusted total nonfarm employment

‐5.00% ‐4.00% ‐3.00% ‐2.00% ‐1.00% 0.00% 1.00% 2.00% 3.00% 4.00% 2008 2009 2010 2011 2012 2013

OK TX US

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Regional Employment Growth

15000 17000 19000 21000 23000 25000 27000 29000 31000 33000 35000 2008 2009 2010 2011 2012 2013 2014

Durant Ada Ardmore Duncan McAlester

SLIDE 7

Unemployment Rate by State

Source: BLS, LAUS

SLIDE 8

State Unemployment Rate Comparison

3 4 5 6 7 8 9 10

2008 2009 2010 2011 2012 2013 OK TX US

SLIDE 9

County Unemployment Rates

Bryan County: 4.9%

The unemployment rates for 30 of Oklahoma’s 77 counties dropped in February, while rates rose in 27 counties. The statewide non‐seasonally adjusted rate remained at 5.3%.

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Micropolitan Unemployment Rates

1 2 3 4 5 6 7 8 9 10 2008 2009 2010 2011 2012 2013 2014

Durant Ada Ardmore Duncan McAlester

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Unemployment Rates by Cohort Bryan County

1.30% 4.30% 4.97% 5.00% 5.12% 5.70% 7.60% 9.90% 12.80%

0.00% 2.50% 5.00% 7.50% 10.00% 12.50% 15.00% Total, 65 years and

White, women Men, Age 20+ White, men Women, Age 20+ Hispanic or Latino ethnicity, men Black or African American, men Black or African American, women Hispanic or Latino ethnicity, women

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Labor Force Growth Rates

13 14

Source: BLS, LAUS Seasonally adjusted

‐1.5% ‐1.0% ‐0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 2008 2009 2010 2011 2012 2013 OK TX US

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Annual Labor Force Growth Rate

‐3% ‐2% ‐1% 0% 1% 2% 3% 4% 5% 6% 7%

DC UT NC NE LA MD NJ NY NM MA MI VA AZ CA NH CO SC SD TN WA MS KS IA IN NV HI

Labor Force Growth Rate

2012

Oklahoma is ranked #4 in net workforce with a growth rate of 2.1% for 2012

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Regional Labor Force Growth

Source: BLS, LAUS

15000 20000 25000 30000 35000 40000 2008 2009 2010 2011 2012 Durant Ada Ardmore Duncan McAlester

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Labor Force Participation Rate

71% 55% 71% 54% 65% 60% 83% 52% 68% 52% 68% 52% 60% 54% 80% 50% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% OK male OK female White male White female Black male Black female Hispanic male Hispanic female

Labor Force by Demographic

Labor Force Participation Rate Population Employment

Source: CPS, 2013 annual averages

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OK Median Age by County

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OK Median Household Income

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OK Households in Poverty

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Participation by Education Level

152.9 341.8 258.3 168.0 100 200 300 400 500 600 700 800 900 Less than High School High School Diploma Associate's Degree or Certificate Bachelor's Degree and higher In thousands Not in Labor Force Employed Unemployed

73.3% LFPR 58.3% LFPR 40.6% LFPR 65.2% LFPR Source: CPS, rolling average Dec. 12 through Dec. 13

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Bachelor’s Degree or Higher

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Less than a High School Degree

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Southern WIB Ecosystems

Energy

Refineries Machinery & Equipment Manufacturing Oil and Gas Support Activities

Agriculture & Biosciences

Animal & Crop Production Forestry and Wood Product Manufacturing Research & Development in Ag Biosciences

Transportation

Transportation Equipment Manufacturing Tire Manufacturing Freight Trucking

Distribution

Warehousing & Storage Wholesale Brokers Electrical & Oil/Gas

Tourism

Casinos/ Casino Hotels Accommodations Recreation Activities The specific industries listed under the ecosystems are neither comprehensive nor exclusive. They are only examples to demonstrate a diversity of activities.

SLIDE 23

OK’s Educational Attainment Differential for New Jobs (2020)

New Jobs defined as those jobs projected to be created between 2012 and 2020. Source: 2012 5 year ACS; EMSI Complete Employment ‐ 2013 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00%

2013 OK Educational Attainment 2013 Durant Educational Attainment Oklahoma's Projected Job Requirements

47.10% 50.70% 22.90% 30.40% 30.00% 48.90% 15.10% 11.60% 23.70% 7.30% 7.70% 4.50%

High School Degree or Less Some College/ Vocational/Assosiates Degree Bachelor's Degree Post Bachelors Degree

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High Growth Occupations 2013‐2023

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High Growth Industries: 2013‐2023

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For more information: www.okcommerce.gov/data

Sean_kelley@okcommerce.gov