Oklahoma economy heads into a Merry Christmas season, Treasurer Miller says
Oklahoma’s economy continues its upward trend as the state enters the Christmas season, State Treasurer Ken Miller said today (Thursday, December 1) as he released the state’s monthly gross receipts report.
November collections were 13.2 percent higher than in November of last year, showing solid improvement in the state’s economy. It was the fourth time in the past seven months that collections grew by more than 10 percent over the prior year. Collections over the past 12 months are up more than nine percent from the previous 12 months.
“The last time 12-month receipts were higher than today was two-and-a-half years ago, in May 2009, when collections stood at $10.77 billion. Since we hit the depths of the recession in February 2010, almost two-thirds of the lost revenue has been recovered,” he said.
Positive signs
Miller said the information bodes well for Oklahoma.
In analyzing the increase, state economists, including Miller, continue to believe the uptick is likely another sign of economic improvement as formerly discouraged job seekers are reentering the labor force.
The revenue report for November shows gross collections at $803.02 million, up $93.79 million or 13.2 percent from November of last year.
Personal income tax collections for the month are $236.81 million, up $34.71 million or 17.2 percent from the prior year. Corporate collections are $4.64 million, a decrease of $4.17 million or 47.4 percent.
Gross production taxes on oil and natural gas generated $75.28 million in November, an increase of $7.13 million or 10.5 percent from last November. Compared to October reports, gross production collections are up by $6.92 million or 10.1 percent.
Motor vehicle taxes produced $49.1 million, up by $5.49 million or 12.6 percent from the prior year.
Twelve-month collections
In the past 12 months, gross revenue totals $10.586 billion. That is $907.08 million or 9.4 percent higher than the 12-month period ending in November 2010.
Personal income tax collections total $3.116 billion, up by $253.64 million or 8.7 percent from the prior 12 months. Corporate collections are $471.15 million for the period, an increase of $126.22 million or 36.6 percent over the previous 12 months.
Oil and gas gross production tax collections brought in $1.042 billion during the 12 months, up by $101.03 million or 10.7 percent from the previous period.
Other sources generated $1.443 billion, up $106.68 million or 8.0 percent from the previous period.