The William S. Spears School of Business at Oklahoma State Universary has released its Economic Outlook for 2009. Here is a summary:

• Driven by high energy prices, the Woodward regional economy has outperformed nearly every area of the state since 2004. The natural gas driven surge has transformed the local economy, pushing oil and gas employment to nearly 25% of the total county workforce and incomes to near par with the national average.


• Because of the local energy boom, the region has largely ignored much of the early stages of the national recession but is now showing clear signs of a slowdown in both the energy sector and the overall economy. The sharp reversal in energy prices is acting as a drag on local activity and is currently a much bigger hurdle for Woodward than the deepening national recession. However, both forces will continue to exert a drag on the Woodward area economy in 2009.


• Signs of a slowdown. Job growth in Woodward County remains well above the state and nation and will total an estimated 3.0% (300 new jobs) for all of 2008. Hiring growth has nevertheless slowed well below the 5.2% gain in 2007 and the 10.4% gain in 2006. City retail sales growth remains strong but has slowed in lock-step with employment and income. Despite pulling back from peak growth rates, the Woodward economy still has a tremendous amount of momentum and appears well positioned to weather the current economic slowdown as long as energy prices remain near current levels.

> Download complete 2009 Economic Outlook Report (Word)