Monday, February 18, 2008

Oklahoma not following recession's path

WHAT IF the national economy threw a recession, but Oklahoma decided not to attend?
"We're not going to play along with the nation,” said Keith Geary, president of Capital West Securities in Oklahoma City. "For us here everything is going really well.”

Two sectors that are slowing the national economy — housing and energy — are positives for the local economy.
The average sales price of an existing home in Oklahoma rose last year by 4.24 percent while the number of foreclosures filed in the state declined nearly 13 percent. Meanwhile, about 39 percent of homes bought nationally last year are worth less than what the homeowners still owe, according to
While local consumers are no happier with near-record gasoline prices than those who live elsewhere, Oklahomans pay among the lowest prices for fuel. And those high prices have fueled expansion in Oklahoma's robust energy sector, which produces jobs, higher wages and taxes for the state.

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