In the past two decades, Oklahoma has encountered several economic slowdowns, especially in the mid-1980s after oil and gas prices crashed. This caused a drastic challenge to overall growth and development. However, due to its abundance in natural resources, Oklahoma thrived on refining naturally occurring minerals, raw materials and setting up manufacturing industries to withstand and persevere throughout the difficult economic times. Oklahoma is also home to over 86,500 farms, quickly flourishing business and trade within their dominant primary sector of agriculture and farming. Now, Oklahoma stands as one of the leading contributors to provide raw materials across the country and abroad.
Here’s how the mineral industry is adding to strengthen the economy:
Landowners in Oklahoma have benefitted from the developing industries that mine for natural resources such as oil, coal, and other minerals. For every valuable mined and sold from a location, the owner of the land receives a percentage sum for it, which is called royalties.
Many people have taken advantage of this booming opportunity to set up businesses, and this drastically increased employment for many. This positively impacted the economy as it created jobs for many people and reduced unemployment. As many of the working population in Oklahoma hold government or military jobs, the mineral industry has given new ways to encourage investments and yield profitable results.
If you’re a mineral owner, you can sell your mineral rights in Oklahoma for a profitable bargain too!
Growth of Other Sectors
The thriving mineral industry has paved the way for other sectors to step forward and begin developing. While farming used to be a key contributor to the state’s economy, forecasts suggest a shift to try and diversify itself away from being dependent on natural resources. This means that in the long run, other sectors such as the service sectors including healthcare and finance, are expected to grow more in comparison to the mineral industry. Individual farms are also anticipated to transform into large-corporate run farms.
Exports from the mineral industry to foreign countries sustain the economy. The surpluses produce profitable businesses and increase trade opportunities, both in and out of state. Agricultural products and raw materials, including the mineral industry, are the main source being exported to foreign countries. Oklahoma’s total exports relative to the whole US stands at 14%, growing each year consecutively. Increased exports benefit the economy because it brings more revenue into the country and boosts aggregate demand.
Greater Gross Income
As more individuals have begun to sell mineral rights in Oklahoma because of the profitable return, the greater gross income has allowed for people to have more disposable income. Increased spending has paved the way for greater investments and further boosted the economy in Oklahoma for the better.
Oklahoma Minerals is proud to be a part of the mineral industry, which is positively contributing to the economy of the United States. As one of the leading services for mineral owners, you’ll be sure to receive guaranteed support and guidance for any queries and questions you have. And if you want to find out more about minerals and learn further about how they are mined and extracted here.