(The Center Square) – Oklahoma's gross receipts were up $1.38 billion in March, an increase of nearly 23% when compared with March 2021, according to figures released from Oklahoma State Treasure Randy McDaniel.
March's numbers are a record high, McDaniel said in a statement.
Individual and corporate income tax collections were up 19% in March when compared with the same time the previous year with $490.1 million collected. Corporate income taxes increased by nearly 51%, according to figures released by McDaniel's office.
Sales and use taxes were up by $103.2 million, or 24.4% over last year's numbers, and totaled $562.2 million in March.
Gross production taxes on oil and natural gas were up by $74.5 million, an 82% increase from March 2021. The state collected $165.2 million in oil and natural gas taxes in March.
The year-to-date revenue numbers also are up from last year. The biggest jump is in oil and gross production tax collections, which are up $793 million, or 138.6% over last year's totals.
Gross revenues are up 20.7% over the same period last year. The state collected $15.87 billion in March, another record high, McDaniel said.
“The level of growth we’ve seen recently shows the state economy is hitting on all cylinders, even when accounting for inflationary pressure,” McDaniel said in a news release. “With unemployment at a record low, more Oklahomans are finding work, which is helping deliver exceptional economic results.”
It is not all good news for the economy, however. The inflation rate grew to 7.9% in February, an increase of four-tenths of a percentage point from January. The rate is the highest since January 1982, McDaniel said.
Energy prices are up 25.6%m and the cost of food is up 8.6%
The state's unemployment rate remains below the national average of 3.8%. Oklahoma's February unemployment rate was 2.6%, down one-tenth of a percentage point from January.
via Oklahoma's Center Square News