CNNMoney Ranks Oklahoma As 4th Slowest-growing
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State GDP: $228 billion
Growth in 2010: 0.7%
Just a few years ago, Oklahoma boasted the fastest growing economy in the country, as its gross domestic product surged 6.6%. But in 2010, that growth fell to a sluggish 1.0%. Why?
The state's oil industry grew so quickly with surging energy prices back in 2008, but during the recession and even into 2010, U.S. demand for energy declined. Oil remains a strong sector for the state though, and now that energy demand is rising again, it's likely to help Oklahoma's economy pick up speed in 2011. ~ www.CNNMoney.com