Oklahoma City (January 26, 2018) – A new study commissioned by the State Chamber of Oklahoma Research Foundation finds that the economic impact of the manufacturing sector on Oklahoma is significant, with far-reaching impacts across Oklahoma’s economy. Using the REMI model, the study was able to estimate the incremental impact of manufacturing on Gross Regional Product (GRP), output, employment, income and capital stock. The study, Economic Impact of the Oklahoma Manufacturing Sector, was authored by the Southwestern Oklahoma State University Business Enterprise Center.
“The face of manufacturing has changed. Today’s manufacturing industry is high tech and constantly evolving, yet it has consistently remained a bedrock of Oklahoma’s economy,” said State Chamber of Oklahoma Research Foundation Executive Director, Dr. Jennifer Lepard. “For every 10 jobs created in manufacturing, an additional eight jobs are created. This study shows how vital the manufacturing sector is to the state and proves that is it still crucial to have policies that support and grow the industry.”
Without the manufacturing sector, Oklahoma’s 2019 projected state output is $250.1 billion. When manufacturing is added into the state’s economy, output grows to $332.5 billion, a 33% increase.
The study can be found online by clicking here.