The Edmond Sun

November 4, 2013

State economy sees 6-month growth trend

James Coburn
Special to The Sun

OKLA. CITY — State revenue collections increased in October with gross production tax on oil and natural gas, up 15.9 percent, Oklahoma State Treasurer Ken Miller said Monday at the state Capitol. The trend reflects six months of positive growth for Oklahoma’s economy.

“Oklahoma’s economy appears resilient and is not yet showing negative effects of the 16-day shutdown of the federal government and the last minute avoidance of a debt ceiling crisis,” Miller said.

Growth was seen in all major tax categories, Miller said. However, the corporate income tax is down by 11 percent. The Oklahoma Tax Commission recently paid $11 million in refunds, due to amended returns filed for prior years, Miller said.

“Year-to-year growth of 7-percent collections in October is the third highest increase in the past year,” Miller said. “Income tax is up 6.4 percent in the aggregate over last October.”

Sales tax increased 4.8 percent while motor vehicle tax increased slightly at .9 percent. Other revenue sources combined to bring in an increase of 12.3 percent.

“Potential economic effects of uncertainly over health insurance costs in January could cause some problems going forward,” Miller said.

The leading economic indictor of the Business Conditions Index fell from 49.2 percent in September to 48.6 percent in October. A number more than 50 means growth is expected, Miller said.

“A less than positive outlook among supply managers could be the result of the federal government shutdown and related political infighting in Washington,” Miller said.

The state’s unemployment figure is being delayed until Nov. 22 due to the 16-day federal shutdown that ended on Oct. 17. | 341-212