Oklahoma's economy is just fine, experts say

Tuesday, January 22nd 2008, 10:08 pm
By: News 9

By Mary Joseph, NEWS 9

Experts say Oklahoma's economy may not hurt as much as the rest of country due largely to energy companies.

Across the nation, all eyes are on the economy.  Investment strategist, Nick Massey, said only time could tell.

"The technical definition of a recession is having two quarters in a row where the economic activity actually declined below zero," Massey said.

Massey believes there are spots across the nation that is clearly in a recession.  He said the Sooner state is actually doing well.

"A good portion of our economy is based upon energy companies," Massey said. "Not all of it, but a large percentage, and they are going well obviously."

He also points to a strong economy, good employment numbers and a relatively stable housing market in Oklahoma, compared to the nation.

To pinpoint Oklahoma City, research economist Mark Snead looks ahead to 2008 as a good year.

"We are looking for almost 5,000 new jobs in the region, the oil and gas sector should continue to be strong, medical services, it should continue to be a very good year next year," Snead said.

So what can you do to "recession proof" your pocketbook?  Massey said, despite what seems to be bad news across the country, don't panic.

"In all likelihood the effect of this on people here locally is going to be very small, if anything at all," Massey said.

Oklahoma City Mayor Mick Cornett said on Wednesday the city would be watching what the federal government does in regards to the economy. He also said overall, Oklahoma City is better off than the rest of the county.