Communities across Oklahoma experiencing significant boost. - 11/13/2014
Beyond serving as a longtime integral part of Oklahoma’s economy, a new study quantifies exactly what the impact of the oil and natural gas industry is to the state. Released by the Meinders School of Business at Oklahoma City University in conjunction with the Oklahoma Energy Resources Board, the study shows 1 in 5 Oklahoma jobs is supported by the industry. That’s a total of 465,616 jobs. The industry is also responsible for nearly 40% of all jobs created post-recession, and $65 billion in gross state product. That’s the equivalent of 1 out of every 3 dollars. View complete Economic Impact fact sheet here.
The benefits are making their way to Oklahoma counties where poverty is persistent. In Alfalfa and Woods counties, for example, production levels have increased by nearly 500 percent since 2000. The activity has lowered unemployment rates, stimulated economic activity, and created new and vibrant opportunities for residents.
The industry is also making a significant impact on local school districts. In total, the industry contributes more than $583 million in local school financing, not including local property tax impacts. For some school districts, this impact is as much as one-third of their overall budget. It is as true now as it has ever been that the state’s economy is reliant on oil and natural gas operations, and that those operations are changing communities for the better.