In the last 20 years, Oklahoma's economy has become more diversified, with the growth of several nontraditional industries. These industries include aerospace and defense, biotechnology and life sciences, information technology, and renewable energy.
Aerospace and defense have become one of the leading industries in Oklahoma, with major companies like Boeing, Northrop Grumman, and Lockheed Martin having a strong presence in the state. This has led to the growth of high-paying jobs in engineering, manufacturing, and research and development.
Biotechnology and life sciences have also seen significant growth in Oklahoma, with the establishment of research institutions like the Oklahoma Medical Research Foundation and the Biotech Center at the University of Oklahoma. This has led to advances in medical research and the development of new pharmaceuticals and medical devices.
Information technology has also become an important industry in Oklahoma, with companies like Dell and HP having a presence in the state. This has led to the growth of jobs in computer programming, software development, and other IT-related fields.
Renewable energy has also seen significant growth in Oklahoma, with the state being a top producer of wind energy. This has led to the growth of jobs in wind turbine manufacturing, installation, and maintenance, as well as in related industries like logistics and transportation.
The economic diversification has helped Oklahoma by reducing its dependence on the oil and gas industry, which has been subject to fluctuations in prices and demand. The growth of nontraditional industries has provided new opportunities for employment and economic growth, leading to a more stable and diverse economy.
For example, the aerospace and defense industry has brought high-paying jobs and a significant economic impact to the state. In 2020, the industry supported more than 120,000 jobs and contributed over $44 billion to the state's economy. Similarly, the wind energy industry has created over 8,000 jobs and generated over $1 billion in capital investment in the state.
Overall, the growth of nontraditional industries in Oklahoma has helped the state to diversify its economy and create new opportunities for growth and development.