A country’s economy is its ability to provide and consume goods and services. It’s also the state of the given country in supplying money. The most prosperous countries worldwide have better economies.
The economy is often the main driver of a country, atop being a major factor in classifying the development state of the nation. The employment rate is another indicator of the state of a country in terms of development.
The higher the number of the employed, the higher the chances that a country is economically stable.
Employment rate increases if the number of industries running in a country increase. The various industries and businesses encompass the main drivers of a country’s economy.
Oklahoma is going through a recovery period post-recession in the United States.
Availability of strong industries in Oklahoma has worked to minimize unemployment rates to a lower level than the national average. The main sectors in the state have boosted Oklahoma’s economy.
Oklahoma is home to different industries and businesses ranging from the largest department of defense maintenance to other growing industries.
The state has one of the largest Google data centers and the largest commercial airline in the world. Some industries are still growing.
However, the main drivers of Oklahoma’s economy are big and highly profitable businesses. Here’re top five business industries driving the Oklahoma Economy:
- Agricultural industry
- Energy business
- Transport business
- Defense and aerospace industry
- Woodworking businesses
Top 5 Industries Driving the Economy of Oklahoma
- The agricultural industry
For a long period, Oklahoma has been known for agriculture. The state has industries that manufacture food.
Also, there’re institutions in Oklahoma that offer education on agricultural careers in research and agricultural developments. Some industries deal with fertilizer manufacturing.
The bioscience sector has contributed a lot to the economy of the state. Businesses related to agriculture are also available, leading to a growth in the economy of Oklahoma.
The Oklahoma state university has an institute that offers agricultural-based courses. They also have institutes where research on agriculture takes place.
- Woodworking businesses
Just like any developed country that continues to develop, the woodworking sector thrives. The same applies to the construction industry.
Creative wood furniture designs are also in high demand. Therefore, woodworking industries have been established all over Oklahoma.
The wood industries also contribute to the development and enhancement of the state’s economy. Some of the enterprises dealing in woodworks in Oklahoma are. I go
- AM supply – they deal in supplies and equipment used for woodworking.
- Temple Johnson floor company – they deal in woodworking and carpentry.
- Woodworking Solutions Inc. – they deal in woodworking equipment, supplies, and woodworking services.
- Steve’s wholesale tools – they supply woodworking equipment and sell woodworking tools to both manufacturers and wholesalers.
The different woodworking businesses use all kinds of power tools to achieve their goals and customer objectives. They include:
- The great cordless miter saw
- Energy businesses
Energy businesses employ about a quarter of the workforce in Oklahoma.
Natural gas and oil industries have improved job availability. Apart from oil and natural gas, wind energy is also increasingly being adopted.
Harnessing wind energy has also started to impact the economy of Oklahoma. Wind farms in Oklahoma employ about 4000 people.
- Transport businesses
The McClellan Kerr River provides a navigation system that supports commercial shipping. Steel and minerals are transported through this mode of transport. People can access River Mississippi via River McClellan.
Oklahoma also has a number of airports and two main railroads that provide easy access to transports and distribution of resources and goods. Interstate roads also cross the state.
The state also has automotive industries. Automobile production and assembly is another economy booster in Oklahoma.
There are training institutions in Oklahoma that teach people automotive skills. This increases employability and workforce demand is met.
- The defense and aerospace industry
Oklahoma is renowned for being home to the largest aircraft maintenance base and military aviation logistics station in the world. About 26000 people are employed in these stations based in Oklahoma City.
This has increased employment rate, boosting the economy of Oklahoma. The aviation industry of Oklahoma is vast and employs more than 140000 people.
The development and progress of the economy of a state are critical and dependent on several factors. Oklahoma, being a country like any other, has its good moments and bad moments financially. Lately, the economy of Oklahoma continues to grow. This is due to the many industries in the state. Investors and the state have developed projects that help to raise the economy of the state.