Economic Indicators June 2013 Volume 11, Number 1
Economic Indicators is a newsletter prepared by the Innovation Center at Rogers State University.
Established in 2002, the Center provides (1) small business counseling services, (2) entrepreneurial training,
(3) a technology and business incubator, (4) business intelligence research, and (5) economic, demographic, and social research related to economic development.
The Center has been established as the hub for Economic Gardening services for the state of Oklahoma by the National Center for Economic Gardening. Economic Gardening (EG) takes an entrepreneurial approach to regional prosperity. Often referred to as a “grow from within” strategy, it helps existing companies with 10 to 99 employees grow larger. Recognizing that information is the new currency of economic development, Economic Gardening networks leverage sophisticated business intelligence tools that second stage growth companies either can’t afford on their own or aren’t aware of. The Center’s team of Economic Gardening research specialists have been trained and certified to assist firms in four key areas: strategic market research, geographic information systems, new media marketing and core strategy.
Sales Tax Collection
Retail sales, as approximated by retail sales tax collections, are a broad measure of consumer spending. Sales tax data are not seasonally-adjusted or adjusted for price changes. Care should be taken when interpreting sales tax collection data because the figure for a particular month represents the net revenue collected by the Oklahoma Tax Commission (OTC) for retail purchases in various prior periods. Larger retailers submit payments for sales taxes collected during the last half of the prior month and the first half of the current month.
Smaller retailers submit payments for sales taxes collected over the previous calendar month only. All sales tax payments are due by the twentieth of the month. Thus sales taxes paid at the time of the purchase may be reported by the merchant and collected by the OTC for sales occurring some six weeks earlier or as recently as five days prior. In