Friday, August 7, 2009

Oklahoma City has Biggest Increase in Personal Income Last Year

Oklahoma City leads in growth of income
The Oklahoman
August 7, 2009

Oklahoma City registered the biggest increase in personal income last year among the nation’s large metropolitan areas, according to estimates issued Thursday by the U.S. Bureau of Economic Analysis.

Oklahoma City’s estimated personal income rose 6.9 percent from 2007 to 2008, the figures showed.

Five of the six fastest-growing metropolitan areas with populations of greater than 1million were in Texas and Oklahoma. "Oil and gas extraction or construction made important contributions to growth in four of these metropolitan areas: Oklahoma City, Houston, San Antonio and Dallas,” the bureau said.

On average, personal income in the 366 metro areas included in the estimates grew 3.3percent, down from 6 percent in 2007. Personal income growth slowed in 322 metro areas, increased in 42 and was unchanged in two, the figures showed.

Personal income includes income received by all people from all sources. It is measured before the deduction of personal income taxes and other personal taxes.
Tulsa’s personal income grew by an estimated 6.3 percent. Personal income was up 4.8 percent in Lawton and 4 percent in the Fort Smith, Ark., metro, which includes parts of eastern Oklahoma.

Oklahoma City’s per-capita income grew 5.4 percent to $40,942 in 2008. That total ranked 61st. Tulsa’s per-capita income rose 4.9 percent to $43,330, which ranked 41st. Lawton’s per-capita income rose 6.8 percent to $34,008, which ranked 194th. The Fort Smith area per-capita income gained 3.2 percent to $30,137, which ranked 293rd.

Per capita personal income growth rates ranged from 12 percent in Hinesville, Ga., to -3.7 percent in Gulfport, Miss.

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