Editorial: Tulsa's personal income growth ranks No. 20 - not too shabby
BY World's Editorials Writers
Thursday, November 29, 2012
11/29/12 at 3:26 AM
Coming in at No. 20 in the nation in growth in personal income isn't too shabby.
Tulsa earned that ranking in 2011, according to a U.S. Bureau of Economic Analysis report.
Tulsa County's per-capita personal income ranked first among the state's 77 counties, and the per-capita incomes for Tulsa County and metro Tulsa both exceeded the U.S. average of $41,560.
Personal income is a measure of the income received by all residents from all sources, according to a Tuesday article by Tulsa World Business Writer Laurie Winslow.
Metro Tulsa's total personal income of $39.9 billion in 2011 was up from $37.2 billion in 2010. The 7.6 percent growth rate positioned the Tulsa area at No. 20 out of the nation's metro areas.
What was the chief driver behind that showing? Tulsa's oil and gas industry helped contribute to the rise in personal income just as it did for some other areas in the nation.
As Bob Ball, the Tulsa Metro Chamber's economist, noted: "We really need to be thankful we have it (oil and gas industry). It's quite an anchor and a foundation."
True enough, although downturns in the oil and gas market have hurt the state and metro area in years past.
Last year, the seven-county Tulsa area saw its per-capita personal income rise to $42,236 from $39,529 the year before making it the 14th fastest-growing metro in the nation.
With per-capita income of $46,804, Tulsa County ranked 314th out of 3,144 counties in per capita income, placing the county in the top 10 percent nationally.
All 366 metropolitan statistical areas saw personal income growth in 2011. But the Tulsa area's showing remains impressive. Let's keep our fingers crossed that the economy keeps up its growth - albeit slow - and that American Airlines and other major employers do not further reduce their workforces.
Original Print Headline: Tops in state