State’s economy continues to show signs of rebound

Oklahoma took in more state revenues in April than it did in the same month last year as the state’s economy continued to show signs of a rebound, state Treasurer Ken Miller announced Friday.

The state's gross receipts for April were about $1.2 billion, up $34.1 million, or 2.9 percent, compared to April 2016.

This is the third time in the last four months that state tax collections have grown. Collections in January and February also were up over the comparable months last year, while March collections showed a slight decrease.

“April gross receipts add another mark in the tally of positive economic news,” Miller said.

“Coupled with falling unemployment, increasing oil field activity, and rising consumer confidence and business conditions, indications are the Oklahoma economy is on the upswing."

With the exception of corporate income tax, all major revenue streams rose in April compared to the prior year, he said.

April corporate income tax collections totaled $73.5 million, a decrease of $5.5 million, or 7 percent, from the year-ago total.

For seven consecutive months now, gross production tax collections have been higher than the prior year. The state collected $41.2 million in gross production taxes this April, an increase of 97.5 percent over the $20.8 million collected during the same month a year ago. Last year’s April gross production receipts were the lowest monthly total since May 1999.

April collections from individual income, sales, and motor vehicle taxes were up 0.5 percent to 2.6 percent over the prior year.

The state has collected $10.8 billion over the last 12 months. That still trails receipts for the previous 12 months by $458.3 million, or 4.1 percent. However, gross production collections are higher than the previous 12 months for the first time since March 2015, Miller said.

The state’s unemployment rate in March was 4.3 percent, slightly lower than the national rate of 4.5 percent. This is the third consecutive month that Oklahoma’s unemployment rate has been lower than the national rate. Before that, Oklahoma’s jobless rate exceeded the national rate for eight straight months.

The Oklahoma Business Conditions Index came in at 61.2 in April, marking the fourth consecutive month that the index has come in above 50. Numbers above 50 predict economic expansion over the next three to six months. The index stood at 58.2 in March. For four consecutive months now, the index has projected growth. The index projected contraction the previous seven months.