Oklahoma Revenue Collections, Inflation Rise In March

Oklahoma revenue collections in March were up nearly 23% from a year earlier, pushed by an expanding economy and rising wages and inflation, State Treasurer Randy McDaniel said Wednesday.

The state collected $1.38 billion, an increase of nearly 23% compared to March 2021. Inflation, meanwhile, rose four-tenths of a percentage point from February to stand at 7.9%.

“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.

McDaniel said the February unemployment rate, the most recent available, of 2.6% was also driving the revenue increase.

McDaniel said revenue from income taxes totaled $490.1 million, up by 19% from the same month last year.

Collections of sales and use taxes rose by 24.4% to $526.2 million and gross production taxes on oil and natural gas reached $165.3 million, an increase of 82%.