FHA Loans in Oklahoma
About This State and its People, Places, and Industries
Oklahoma is a state located in the South Central region of the United States of America. With an estimated 3,687,050 residents in 2009 and a land area of 68,667 square miles (177,847 km²), Oklahoma is the 28th most populous and 20th-largest state. The state's name is derived from the Choctaw words okla and humma, meaning "red people", and is known informally by its nickname, The Sooner State. Formed by the combination of Oklahoma Territory and Indian Territory on November 16, 1907, Oklahoma was the 46th state to enter the union. Its residents are known as Oklahomans, and its capital and largest city is Oklahoma City.A major producer of natural gas, oil and agriculture, Oklahoma relies on an economic base of aviation, energy, telecommunications, and biotechnology. It has one of the fastest growing economies in the nation, ranking among the top states in per capita income growth and gross domestic product growth. Oklahoma City and Tulsa serve as Oklahoma's primary economic anchors, with nearly 60 percent of Oklahomans living in their metropolitan statistical areas. The state holds a mixed record in education and healthcare, and its largest universities participate in the NCAA and NAIA athletic associations, with two collegiate athletic departments rated among the most successful in American history.
With small mountain ranges, prairie, and eastern forests, most of Oklahoma lies in the Great Plains and the U.S. Interior Highlands—a region especially prone to severe weather. In addition to having a prevalence of German, Irish, British and Native American ancestry, more than 25 Native American languages are spoken in Oklahoma, the most of any state. It is located on a confluence of three major American cultural regions and historically served as a route for cattle drives, a destination for southern settlers, and a government sanctioned territory for Native Americans. Part of the Bible Belt, widespread belief in evangelical Christianity makes it one of the most politically conservative states, though Oklahoma has more voters registered with the Democratic Party than with any other party.
As of 2008, Oklahoma had a population of 3,642,361 with an estimated 2005 ancestral makeup of 14.5% German, 13.1% American (though there is no "American" Ancestry) , 11.8% Irish, 9.6% English, 8.1% African American, and 11.4% Native American, including 7.9% Cherokee,[183][184] though the percentage of people claiming American Indian as their only race was 8.1%.[3] The state had the second highest number of Native Americans in 2002, estimated at 395,219, as well as the second highest percentage among all states. As of 2006, 4.7% of Oklahoma's residents were foreign born, compared to 12.4% for the nation. The center of population of Oklahoma is located in Lincoln County near the town of Sparks.
The state's 2006 per capita personal income ranked 37th at $32,210, though it has the third-fastest growing per capita income in the nation and ranks consistently among the lowest states in cost of living index. The Oklahoma City suburb Nichols Hills is first on Oklahoma locations by per capita income at $73,661, though Tulsa County holds the highest average. In 2006, 6.8% of Oklahomans were under the age of 5, 25.9% under 18, and 13.2% were 65 or older. Females made up 50.9% of the population.
Based in the sectors of aviation, energy, transportation equipment, food processing, electronics, and telecommunications, Oklahoma is an important producer of natural gas, aircraft, and food. The state ranks second in the nation for production of natural gas, and is the 27th-most agriculturally productive state, ranking 5th in production of wheat. Four Fortune 500 companies and three Fortune 1000 companies are headquartered in Oklahoma, and it has been rated one of the most business-friendly states in the nation, with the 7th-lowest tax burden in 2007. From 2000 to 2006, Oklahoma's gross domestic product grew 50 percent, the fifth-highest rate in the nation. It had the fastest-growing GDP between 2005 and 2006, increasing from $122.5 to $134.6 billion, a jump of 10.8 percent, and its gross domestic product per capita grew 5.9 percent from $36,364 in 2006 to $38,516 in 2007, the third-fastest rate in the nation. Its 2007 per capita GDP ranked 41st among the states. Though oil has historically dominated the state's economy, a collapse in the energy industry during the 1980s led to the loss of nearly 90,000 energy-related jobs between 1980 and 2000, severely damaging the local economy Oil accounted for 17 percent of Oklahoma's economic impact in 2005, and employment in the state's oil industry was outpaced by five other industries in 2007.
As of January 2010, the state's unemployment rate is 6.7%
In early 2007, Oklahoma had a civilian labor force of 1.7 million and total non-farm employment fluctuated around 1.6 million. The government sector provides the most jobs, with 326,000 in 2007, followed by the transportation and utilities sector, providing 285,000 jobs, and the sectors of education, business, and manufacturing, providing 191,000, 178,000, and 151,000 jobs, respectively. Among the state's largest industries, the aerospace sector generates $11 billion annually. Tulsa is home to the largest airline maintenance base in the world, which serves as the global maintenance and engineering headquarters for American Airlines. In total, aerospace accounts for more than 10 percent of Oklahoma's industrial output, and it is one of the top 10 states in aerospace engine manufacturing. Because of its position in the center of the United States, Oklahoma is also among the top states for logistic centers, and a major contributor to weather-related research. The state is the top manufacturer of tires in North America and contains one of the fastest-growing biotechnology industries in the nation. In 2005, international exports from Oklahoma's manufacturing industry totaled $4.3 billion, accounting for 3.6 percent of its economic impact. Tire manufacturing, meat processing, oil and gas equipment manufacturing, and air conditioner manufacturing are the state's largest manufacturing industries.
A major oil producing state, Oklahoma is the fifth-largest producer of crude oil in the nation. Oklahoma is the nation's second-largest producer of natural gas, fifth-largest producer of crude oil, and has the second-greatest number of active drilling rigs, and ranks fifth in crude oil reserves. While the state ranked fifth for installed wind energy capacity in 2005, it is at the bottom of states in usage of renewable energy, with 96 percent of its electricity being generated by non-renewable sources in 2002, including 64 percent from coal and 32 percent from natural gas. Ranking 11th for total energy consumption per capita in 2006, Oklahoma's energy costs were 10th lowest in the nation. As a whole, the oil energy industry contributes $23 billion to Oklahoma's gross domestic product, and employees of Oklahoma oil-related companies earn an average of twice the state's typical yearly income. In 2004, the state had 83,750 commercial oil wells and as many as 750,000 total wells, churning 178 thousand barrels of crude oil a day. Ten percent of the nation's natural gas supply is held in Oklahoma, with 1.662 trillion cubic feet (47.1 km3).
According to Forbes Magazine, Oklahoma City-based Devon Energy Corporation, Chesapeake Energy Corporation, and SandRidge Energy Corporation are the largest private oil-related companies in the nation, and all of Oklahoma's Fortune 500 companies are energy-related.[61] In 2006, Tulsa-based Semgroup ranked 5th on the Forbes list of largest private companies, Tulsa-based QuikTrip ranked 46th, and Oklahoma City-based Love's Travel Stops & Country Stores ranked 25th in 2008 report. Tulsa's ONEOK and Williams Companies are the state's largest and second-largest companies respectively, also ranking as the nation's second and third-largest companies in the field of energy, according to Fortune Magazine. The magazine also placed Devon Energy as the second-largest company in the mining and crude oil-producing industry in the nation, while Chesapeake Energy ranks seventh respectively in that sector and Oklahoma Gas & Electric ranks as the 25th-largest gas and electric utility company.
The 27th-most agriculturally productive state, Oklahoma is fifth in cattle production and fifth in production of wheat. Approximately 5.5 percent of American beef comes from Oklahoma, while the state produces 6.1 percent of American wheat, 4.2 percent of American pig products, and 2.2 percent of dairy products. The state had 83,500 farms in 2005, collectively producing $4.3 billion in animal products and under one billion dollars in crop output with more than $6.1 billion added to the state's gross domestic product. Poultry and swine are its second and third-largest agricultural industries.
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