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Oklahoma Department of Commerce www.okcommerce.gov/data Research & Economic Analysis Oklahoma’s Economic Snapshot April 2013 Employment • After a strong jump upward in February, OK’s payroll employment dropped 1,600 jobs in March. • 2012’s revised numbers show OK gained 23,800 jobs for a growth rate of 1.5% and state ranking of 23rd. • Since January 2011, 54,500 jobs have been added to the state’s economy for a 3.5% growth rate and ranking of #18. • OK’s preliminary unemployment rate for March stayed steady at 5.0%, the level of natural unemployment, keeping one of the lowest rates in the nation (6th lowest). • Note: While BLS has reported state seasonally adjusted manufacturing data for 2013, OK’s numbers have not been released. Capital Expenditures While employment is a strong indicator of how an economy is performing, another marker is capital investment or expenditures (CapEx) of firms. Just like households, businesses buy goods and services. Most commonly, these expenditures are for new equipment to either expand their current capacity or to replace machinery that has depreciated. When an economy produces the industrial machinery needed for businesses, particularly for manufacturing, the multiplier effect increases and the value of the finished product remains in the region. In Oklahoma, Tulsa has a very strong industrial machinery base with sales in 2011 of over $16 billion (one of their regional economic systems) and provides many companies with the equipment needed to produce their goods. Below is a graph that shows the top CapEx industries in the US, and the potential customers of our Tulsa manufacturers. Oklahoma Intense
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Title | Snapshot-April_2013 1 |
Full text | Oklahoma Department of Commerce www.okcommerce.gov/data Research & Economic Analysis Oklahoma’s Economic Snapshot April 2013 Employment • After a strong jump upward in February, OK’s payroll employment dropped 1,600 jobs in March. • 2012’s revised numbers show OK gained 23,800 jobs for a growth rate of 1.5% and state ranking of 23rd. • Since January 2011, 54,500 jobs have been added to the state’s economy for a 3.5% growth rate and ranking of #18. • OK’s preliminary unemployment rate for March stayed steady at 5.0%, the level of natural unemployment, keeping one of the lowest rates in the nation (6th lowest). • Note: While BLS has reported state seasonally adjusted manufacturing data for 2013, OK’s numbers have not been released. Capital Expenditures While employment is a strong indicator of how an economy is performing, another marker is capital investment or expenditures (CapEx) of firms. Just like households, businesses buy goods and services. Most commonly, these expenditures are for new equipment to either expand their current capacity or to replace machinery that has depreciated. When an economy produces the industrial machinery needed for businesses, particularly for manufacturing, the multiplier effect increases and the value of the finished product remains in the region. In Oklahoma, Tulsa has a very strong industrial machinery base with sales in 2011 of over $16 billion (one of their regional economic systems) and provides many companies with the equipment needed to produce their goods. Below is a graph that shows the top CapEx industries in the US, and the potential customers of our Tulsa manufacturers. Oklahoma Intense |
Date created | 2013-05-15 |
Date modified | 2013-05-15 |