- 9,155 more businesses
- 86,711 more employees
- 31.3% increase in total wages
- $8,237 in additional annual wages per employee
- 22.3% increase in wages per employee
Since 2009, the number of businesses in Oklahoma has grown by 9.6% (0.1% greater than the national average of 9.5%). Employment in Oklahoma has grown by 7.4% (7.0% less than the national average of 14.4%). Wages have grown by 22.3% since the end of the Great Recession. This wage growth is 0.2% less than the national average of 22.5%.
The average weekly wage in Oklahoma of $869 is 18.3% below the national average of $1,064. The gap between the national average has widened from 18.2% a widening of 0.1% since the end of the recession.
The Retail trade sector has the most businesses in the state of Oklahoma . Since the end of the recession, the number of businesses has grown from 12,515 to 13,154, a gain of 5.1%. The table below illustrates the change in number of businesses in each sector:
|Accommodation and food services||7,860||6,571||19.6%|
|Finance and insurance||7,199||6,747||6.7%|
|Real estate and rental||4,181||3,805||9.9%|
|Mining and oil extraction||3,431||3,042||12.8%|
|Transport and warehousing||2,920||2,759||5.8%|
|Arts and entertainment||1,109||1,040||6.6%|
|Agriculture and forestry||902||794||13.6%|
Two sectors have had a contraction in the number of businesses in the state since the end of the recession in 2009. The Information sector lost 13.6% of businesses in the sector and Manufacturing lost 8.1% of its businesses. The 2 sectors combined for a loss of over 600 companies. The previous third largest sector, Healthcare increased by 27.2%, adding over 2650 companies to move up to the sector with the second most businesses in the state. Accommodation and food services increased by 19.6% and Educational services increased by 23.5% since 2009.
The Healthcare sector employs the most workers in the state of Oklahoma . The number of jobs has increased 8.7% since the end of the recession from 177,952 to 193,514. The table below illustrates the change in employment in each sector:
|Accommodation and food services||150,373||125,565||19.8%|
|Finance and insurance||56,163||56,779||-1.1%|
|Transport and warehousing||52,891||41,937||26.1%|
|Mining and oil extraction||47,811||43,814||9.1%|
|Real estate and rental||20,594||22,261||-7.5%|
|Arts and entertainment||17,167||14,430||19.0%|
|Agriculture and forestry||10,905||10,362||5.2%|
Several sectors lost jobs since the recession. The 4th largest employer, Manufacturing lost just under 1% of its jobs. The Finance and insurance sector (-1.1%), Real estate and rental (-7.5%), Information (-25.8%) and Utilities were other sectors that lost jobs since the recession. The Accommodation and food services sector added nearly 25,000 jobs since the end of the recession to expand employment by 19.8%. The Transport and warehousing sector added 26.1% and Company management added 39.8% to their workforce.
The sector with the highest wages is the Mining and oil extraction sector at $1,931. Prior to the recession, the sector’s average weekly wage was $1,554. This is an increase of $377 per week or 24.3%. The table below illustrates the change in average weekly wages in each sector:
|Mining and oil extraction||$1,931||$1,554||24.3%|
|Finance and insurance||$1,182||$896||31.9%|
|Transport and warehousing||$1,051||$872||20.5%|
|Real estate and rental||$813||$645||26.0%|
|Agriculture and forestry||$740||$569||30.1%|
|Arts and entertainment||$624||$469||33.0%|
|Accommodation and food services||$309||$255||21.2%|
The third largest sector, Accommodation and food services increased pay by 21.2%, just below the state average. Most sectors in the state increased their wages by a percentage in the “mid 20% range” with Finance and insurance increasing wages by 31.9%, Agriculture and forestry by 30.1% and Arts and entertainment increased by 33.0% to lead the state.
Each of the sectors in the previous section are made up of a number of detailed industries. The top industry that has experienced the most growth (as a percent) since the recession is Wholesale trade agents and brokers which has grown 130.9%. The top industry that has contracted the most is Offices of physicians which has contracted by 4.3% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of businesses since the recession:
|Wholesale trade agents and brokers||3,196||1,384||130.9%|
|Offices of physicians||2,544||2,658||-4.3%|
|Offices of lawyers||2,533||2,468||2.6%|
|Insurance agencies and brokerages||2,466||2,101||17.4%|
|Support activities for mining||2,144||1,622||32.2%|
|Accounting and bookkeeping services||1,987||1,888||5.2%|
|Management consulting services||1,848||1,637||12.9%|
|Computer systems design and related services||1,825||1,305||39.8%|
|Gasoline stations with convenience stores||1,747||1,477||18.3%|
|Plumbing and hvac contractors||1,591||1,392||14.3%|
The industry that has experienced the most growth in number of employees (as a percent) since the recession is Management of companies and enterprises which has grown 39.8%. The industry that has lost the most employees is Commercial banking which has contracted by 5.0% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of employees since the recession:
|General medical and surgical hospitals||49,612||47,527||4.4%|
|Support activities for mining||26,866||22,320||20.4%|
|Offices of physicians||23,810||22,531||5.7%|
|Temporary help services||23,073||17,627||30.9%|
|Nursing care facilities, skilled nursing||21,178||21,951||-3.5%|
|Supermarkets and other grocery stores||19,391||17,202||12.7%|
|Management of companies and enterprises||18,724||13,390||39.8%|
|Gasoline stations with convenience stores||16,478||12,999||26.8%|
|Professional employer organizations||14,693||14,308||2.7%|
Since the recession ended, the industry that has experienced the greatest increase in average weekly pay per employee (as a percent) is Credit bureaus which has grown 510.3%. The average weekly wage in the Druggists’ goods merchant wholesalers industry has grown by 15.3% since the recession. This is the industry with the lowest wage growth among top industries in Oklahoma . The table below illustrates the 10 largest industries and their change in the average weekly wages since the recession:
|Investment banking and securities dealing||$4,510||$3,080||46.4%|
|Musical groups and artists||$3,060||$736||315.8%|
|Natural gas distribution||$2,108||$1,723||22.3%|
|Electric power generation||$2,042||$1,536||32.9%|
|Lessors of nonfinancial intangible assets||$2,039||$935||118.1%|
|Druggists’ goods merchant wholesalers||$1,909||$1,655||15.3%|
Please note, during the comparison period the NAICS coding has had changes made to it. For proper comparisons we are only including industries that have NOT been affected by these changes.
The biggest percentage change in the number of businesses has been in businesses with 1,000 or more employees. The number of businesses with this number of employees has grown from 32 to 41, which is an increase of 28.1%.
The smallest percentage change in the number of businesses has been in businesses with 500 to 999 employees. The number of businesses with this number of employees has declined from 91 to 86, which is a decrease of 5.5%.
Table: Change in the number of Businesses by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||62,647||56,911||10.1%|
|More Than 1,000 Employees||41||32||28.1%|
The biggest percentage change in the number of employees has been in businesses with 1,000 or more employees. The number of employees in companies this size has grown from 68,365 to 83,533, which is an increase of 22.2%.
The smallest percentage change in the number of employees has been in businesses with 500 to 999 employees. The number of employees with this number of employees has declined from 63,646 to 57,460, which is a decrease of 9.7%.
Table: Change in the number of Employees by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||95,833||90,068||6.4%|
|More Than 1,000 Employees||83,533||68,365||22.2%|
The biggest percentage change in the average weekly wage has been in businesses with 1,000 or more employees. The average weekly wage in companies this size has grown from $1,084 to $1,622, which is an increase of 49.6%.
The smallest percentage change in the average weekly wage has been in businesses with 10 to 19 employees. The average weekly wage in companies this size has grown from $602 to $754, which is an increase of 25.2%.
Table: Change Average Weekly Wage by Size Since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||$872||$649||34.4%|
|More Than 1,000 Employees||$1,622||$1,084||49.6%|
This page, created and maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt Tietjen has spent the bulk of his career working with and using data to grow businesses. As the SVP of Operations at TheStreet and the head of Audience & Product at Purch, data helped us create products and content strategies to grow the businesses. My LinkedIn Profile is here.