More growth forecast for Oklahoma economy in 2012
OKLAHOMA CITY (AP) — Oklahoma's economy showed signs of recovery in 2011, with encouraging growth in oil and natural gas production, the aerospace industry and manufacturing.
But the prospect of ongoing political turmoil in Washington, D.C., and a significant financial crisis in Europe bring uncertainty to the state's economic outlook for 2012.
"There are a lot of things that are kind of beyond our control," said Mickey Hepner, an economist and dean of the College of Business at the University of Central Oklahoma in Edmond. "We're riding the waves of the economic ocean. What happens in Athens and Rome still affects what happens in Oklahoma."
The state will enter the new year riding a wave of economic optimism. It has one of the nation's lowest unemployment rates and among the fastest growth rates for jobs — both signs of economic strength, according to a report by the U.S. Chamber of Commerce and the National Chamber Foundation.
The state's unemployment rate in November was 6.1 percent, 2.5 percentage points below the national rate of 8.6 percent. And Oklahoma is the fourth fastest-growing state for jobs for 2011, adding jobs at a rate three-and-a-half times the national rate since January, according to the U.S. Chamber report.
"Those are the kinds of things that are encouraging," said Oklahoma Commerce Secretary Dave Lopez. "I am very optimistic as to Oklahoma's economy and strength continuing."
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