Monthly revenue reports, 03/2014

              OKLAHOMA STATE TREASURER
KEN MILLER
For Immediate Release: April 3, 2014
Positive Momentum Continues in State Economy
OKLAHOMA CITY – Energy production, personal income and consumption pushed
revenue collections higher in March, State Treasurer Ken Miller announced today as he released
the monthly gross receipts to the treasury report.
Miller said collections in March grew by more than four percent over the same month of
last year. The growth rate for the past 12 months also topped four percent.
“In March, collections from oil and gas extraction and personal income grew by double
digits, while sales and motor vehicle collections expanded by more than five percent,” he said.
“Clearly, Oklahoma’s economy continues to do relatively well.”
Total monthly collections have exceeded the prior year 10 times in the past year, with oil
and gas production taxes up for 11 consecutive months.
The March report shows only one major revenue stream with collections lower than last
March – corporate income tax, which has dipped below the prior year in seven of the past 12
months.
Positive data
Miller said the state’s personal income, as announced late last week by the U.S. Bureau
of Economic Analysis (BEA), sheds a positive light on the Oklahoma economy.
“Last year, Oklahoma’s total personal income grew faster than the national average, as it
has done in each of the four years since the Great Recession,” he said. “Total personal income
was up 3.3 percent in 2013 at $160.1 billion, the seventh-highest growth rate in the nation.”
The BEA report credits the energy industry as having the most significant impact on the
growth rate.
Unemployment figures also brought encouraging news to Oklahoma, Miller said.
“The state’s unemployment rate dropped to 5 percent in February, a reduction of 0.2
percentage points from January,” he said.
(more)