Oklahoma City's jobs picture shines in U.S. storm
1. Oklahoma City: 4.6
2. Washington: 4.7
3. Austin, Texas: 5.2
4. San Antonio: 5.3
5. Virginia Beach: 5.3
6. New Orleans: 5.4
7. Houston: 5.5
8. Richmond, Va: 5.5
9. Birmingham, Ala.: 5.7
10. Baltimore: 5.8; Boston: 5.8; Dallas-Fort Worth: 5.8; Milwaukee: 5.8
Source: U.S. Bureau of Labor Statistics, December 2008 unemployment ratesfor metropolitan statistical areas
According to the Bureau of Labor Statistics, Oklahoma City’s 4.6 percent is ranked the lowest unemployment rate of the 49 metropolitan areas with a population of 1 million or more in the 2000 census.
The Labor Department reported Friday the nation’s unemployment rate climbed to 8.1 percent in February. The recession has claimed 4.4 million jobs, the report showed.
The Oklahoma City metropolitan statistical area, which includes Oklahoma, Canadian, Cleveland, Grady, Lincoln, Logan and McClain counties, bested the second-ranked 4.7 percent rate. That was for the Washington, D.C.-Arlington, Va.-Alexandria, Va., area that also includes parts of Maryland and West Virginia.
The Oklahoma City metro area’s jobless rate also changed the least from December 2007 to December 2008, rising 0.4 percent from a 4.2 percent rate.
Two conditions dominate why the state and Oklahoma City-area jobless rate remains lower than the rest of the nation, Oklahoma Employment Security Commission economist Lynn Gray said.
"The most recent data still shows good employment growth in the oil and gas industry sector, and that activity spills over into other industries like manufacturing,” Gray said.
The state’s employment numbers also reflect that the city and state did not see a significant residential housing boom or subsequent bust, he said.
Texas and Oklahoma are benefiting from a back-to-basics trend in portions of the Midwest, where food is grown and products are made, said Robert Dauffenbach, associate dean of the Michael F. Price College of Business at the University of Oklahoma. And those states "are faring better,” he said.
The energy industry has cushioned Oklahoma, he said, along with a strong banking industry that steered clear of the subprime mortgage mess.
But the state is not immune from worsening unemployment.
"We can’t hope to be isolated totally from that,” Dauffenbach said. "Our numbers will get worse... just not as bad.”
Oklahoma’s statewide jobless figures for January will be released next week.
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