RegionTrack Pic-of-the-Week:
U.S. Crude Independence Takes Important First Step – Surging domestic crude production finally surpassed the level of imports in early 2014. The roughly 1 billion barrel increase (50%+ gain) in annual production since late 2009 is mirrored by a 1 billion barrel decline in annual crude imports. The value of this production-for-imports swap is approximately $100 billion annually at current oil prices.
OK Oil and Gas Earnings Share Near Oil-Boom High in Early 1980s – The economic role played by the oil and gas industry in Oklahoma has returned to near levels last seen in the Oil-Boom days more than three decades ago. Remarkably, earnings across the mining industry now total $15.8 billion, or 13.7% of all earnings statewide. And as the graphic shows, the tiny utilities sector is the only major industry sector within shouting distance of mining based on average earnings per worker.
U.S. Population Growth Cut in Half the Past Twenty Years – Europe and Japan have long wrestled with the concerns of flagging population growth. Total headcount remains a key determinant of the overall size of any economy.
In the U.S., population growth has slowed by half since the early 1990s, from roughly 1.4% to only 0.7% currently.
Broad-Based Growth – The recent release of quarterly Gross Domestic Product estimates by industry provide some helpful insight into the industry-level growth patterns driving U.S. economic activity. This week’s chart illustrates real GDP growth rates for the U.S. by industry in 2013.
So, which industries are driving growth? Currently, with the exception of government,
A Tale of Two States – Unemployment rates across Oklahoma have slowly reverted back to the traditional pattern of higher rates in the eastern half of the state versus the western half. The lowest rates are in the northwest quadrant, driven in large part by strong oil and gas development. The highest rates are