STATE ECONOMIC PROFILE
Oklahoma Economic Overview
$206.8b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
0.7%
43
4,082,642
POPULATION
Growth Rate 2019-24
State Growth Rank
0.6%
21
351,547
BUSINESSES
Growth Rate 2019-24
State Growth Rank
2.0%
35
Overview of the Oklahoma Economy
In 2024, the state of Oklahoma has a population of 4,082,642, having grown an annualized 0.6% over the five years to 2024, which ranks it 21st out of all 50 US states by growth rate. Oklahoma's gross state product (GSP) in 2024 reached $206.8b, with growth of 0.7% over the 5 years to 2024. Businesses in Oklahoma employed a total of 1,664,396 people in 2024, with average annual employment growth over the past five years of 0.8%. The top three sectors by total employment are Real Estate and Rental and Leasing, Mining, Healthcare and Social Assistance, while the unemployment rate across the state in 2024 was 3.6%.
What is Oklahoma's Gross Domestic Product (GDP)?
In 2024, Oklahoma's GDP reached $206.8b, representing an increase of 0.7% from 2023. Oklahoma's GDP has grown at an annualized rate of 2.5% over the five years to 2024. Moreover, Oklahoma's trailing five-year GDP growth ranks it 43rd out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Oklahoma's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
Oklahoma Industry Trends
What are Oklahoma's Largest Industries by Revenue?
The largest industries by revenue in Oklahoma are Oil Drilling & Gas Extraction, Gasoline & Petroleum Wholesaling and Petroleum Refining, which generated $53.0b, $47.8b and $18.8b in 2024.
STATE ECONOMIC PROFILE
Top Companies in Oklahoma
Top 10 Companies Headquartered in Oklahoma by Employment
The largest companies by employment in Oklahoma are Walmart Inc., Amazon.Com and Integris Health, Inc., which employed 38,000, 14,500 and 11,450 people in 2024.
STATE ECONOMIC PROFILE
Oklahoma Sector Statistics
In Oklahoma, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Oklahoma's GDP by Sector?
The Real Estate and Rental and Leasing, Mining and Healthcare and Social Assistance sectors contributed the most to Oklahoma's GDP in 2024, representing a combined 34.6% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is Oklahoma's Employment by Sector?
The Healthcare and Social Assistance, Retail Trade and Accommodation and Food Services sectors contributed the most to employment in Oklahoma in 2024, representing a combined 38.3% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
Oklahoma Employment Trends
1.7m
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
0.9%
17
3.6%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
2.6%
24
What Employment Trends are Impacting Oklahoma?
The state of Oklahoma employs 1,664,396 people in 2024, which ranks it 31st out of all 50 US states. Employment in Oklahoma has grown at an annualized rate of 0.9% over the five years to 2024, underperforming the national average of 1.2%. Major sectors by employment in Oklahoma include Healthcare and Social Assistance, Retail Trade and Accommodation and Food Services, which employed 255,737, 218,524 and 162,521 people in 2024, respectively. Oklahoma's unemployment rate is 3.6% in 2024, which ranks it 25th out of 50 states. Oklahoma's unemployment rate has trended upwards at a rate of 2.6% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Oklahoma, and compare them to the US economy, using the chart below.
$129.6k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
15.5
3
What is Oklahoma's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Oklahoma's DPI in 2024 was $129.6k, compared to the US average of $129.8k, which places it 3rd out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Oklahoma's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
Oklahoma Construction & Building Trends
$5,347.2tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
4.5%
18
$3.6tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
8.1%
27
13,466
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
2.4%
30
What can construction trends tell you about a state’s economy?
In Oklahoma, non-residential construction was $5,347.2tn in 2024, which ranks it 18th out of all US states. Residential construction was $3.6tn in 2024, which places Oklahoma 27th in the United States. The number of building permits issued in Oklahoma in 2024 was 13,466, representing a 2.4% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Oklahoma, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
Oklahoma Population Statistics
Which Counties in Oklahoma have the Largest Populations?
The counties with the highest populations in Oklahoma are Oklahoma County, Tulsa County and Cleveland County, which had populations of 808,940, 685,155 and 303,735 people in 2024.
STATE ECONOMIC PROFILE
Oklahoma Demographics
Education Level Oklahoma
Race in Oklahoma
Oklahoma State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 641 Oklahoma Industry Reports.
