Oklahoma Economy

Oklahoma is a major fuel and food-producing state; thousands of oil and natural gas wells dot the Oklahoma landscape, and the state is among the highest food producing states in the nation.[citation needed] Its main agricultural outputs are soy, wheat, cattle, dairy, poultry, and cotton.[citation needed] Oklahoma ranks fourth in the nation in the production of all wheat, fourth in cattle and calf production, fifth in the production of pecans, sixth in peanuts and eighth in peaches.[citation needed] Its industrial outputs are transportation equipment, machinery, electric products, rubber and plastic products, and food processing. Oklahoma had the 4th fastest growing GDP in the nation from 2005 to 2006. In 2006 Oklahoma's GDP was $105.7 billion, a 6.7 precent increase over 2005.[12]

Oklahoma City is one of the primary economic engines of the state, centered on the finance, retail, governance, entertainment, and tourism sectors. The city has numerous manufacturing and processing plants as well as a growing biotech research and health center. Oklahoma City has a large aviation market and its location at the intersection of I-35, I-40, and I-44 makes Oklahoma City an important distribution point. Oklahoma City is home to many corporate and regional headquarters including Devon Energy, Chesapeake Energy, Sonic Drive-In, AT&T, The Hertz Corporation, BancFirst, OGE Energy, Midfirst Bank, Hobby Lobby, Dobson Communications, Express Personnel Services, Oklahoma Publishing Company, Spectro Wire & Cable, Inc., Rainbo Manufacturing, Globe Life and Accident Insurance, Pre-Paid Legal Services, Inc., and Big Daddy's BBQ Sauce.

Tulsa is another primary economic engine of the state, centered on energy, aerospace, telecommunications, and transportation. The city has the nation's most inland sea port and Oklahoma's only connection to the ocean, the Tulsa Port of Catoosa, which connects the state with international ocean trade routes through the Arkansas River and Mississippi River. Despite an oil bust that plagued the entire state in the 1980s, Tulsa is still among the top cities in the nation for the number of oil and energy related company headquarters. Tulsa is also home to an extensive aviation market, exemplified by its American Airlines maintenance center, the largest airline maintenance base in the world. Recently, Forbes magazine rated Tulsa as second in the nation in job income growth, and one of the best 50 cities to do business in the country.[13] Companies based in Tulsa include The NORDAM Group, BOK Financial Corporation (BOKF), Bank of Oklahoma, Williams Companies, Oneok, Wiltel, QuikTrip, Public Service of Oklahoma, Mazzio's Corporation, RibCrib, SemGroup, Dollar-Thrifty, Hilti USA, and Vanguard.

Both of Oklahoma's major metropolitan areas, Oklahoma City and Tulsa, are engaged in large-scale economic development and tourism initiatives.

Dam forming Broken Bow Lake.