| Total revenue for July increased over July of last year by $44M or 3.3% while totals equal $1.36B. Receipts for the last 12 months through July total $16.93B, a decrease of $450.45M, or 2.6%, when comparing revenue from the previous year. Gross Production Tax or “GPT” totals equal $1.1B, down $639.9M or 37% for the last 12 months. In contrast, total income tax increased 2.4%, total sales and use tax increased 0.5% and motor vehicle tax increased 2.7% for the same period while other sources show a decrease of 1.1% .  |
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| OK Unemployment — June reports a seasonally adjusted rate of 3.4%, down 0.1% from May. US Unemployment — July reports an adjusted rate of 4.3%, increasing 0.2% from June. Consumer Price Index — Index declined 0.1% in June seasonally adjusted basis, after being unchanged in May. The index for gasoline fell 3.8% in June, after declining 3.6% in May, more than offsetting an increase in shelter. The energy index fell 2.0% over the month, as it did the preceding month. The index for food increased 0.2% in June. The food away from home index rose 0.4% over the month, while the food at home index increased 0.1%. The all items index rose 3.0% for the 12 months ending June, a smaller increase than the 3.3% increase for the 12 months ending May. The all items less food and energy index rose 3.3% over the last 12 months and was the smallest 12-month increase in that index since April 2021. The energy index increased 1.0% for the 12 months ending June. |
 The state’s Business Conditions Index for June saw a dip under growth neutral. January 48.7 February 46.9 March 53.3 April 54.7 May 48.4 June 47.5 According to the latest U.S. International Trade Administration data, Oklahoma’s manufacturing sector expanded year-to-date 2024 exports to $2.2 billion from $1.9 billion for the same period in 2023 for an 18.3% gain. Components of the overall June index were: new orders at 47.7; production or sales at 53.4; delivery lead time at 52.3; inventories at 49.9; and employment at 34.3. |
 As a timely, broad view of the state’s economy the report releases in conjunction with the General Revenue Fund report. Providing information to state agencies for budgetary planning purposes, the General Revenue Fund acts as the state’s main operating account and receives a portion of the state’s gross receipts as well as state, city and county funds. |
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| 12-Month Period End Comparison Gross receipts total $16.93 billion, down $450.5 million or 2.6 percent. |
Combined individual income tax and corporate income tax $6.1 billion, up $145.1 million or 2.4 percent. Individual tax of $5.2 billion, up $223.7 million or 4.4 percent. Corporate tax of $907 million, down $78.7 million or 8 percent. Combined sales tax and use tax–including city and county remittances–of $7.1 billion, up $38.3 million or 0.5 percent. Sales tax of $5.9 billion, down $42.6 million or 0.7 percent. Use tax, received on out-of-state and Internet purchases, of $1.2 billion, up $80.9 million or 7.3 percent.  |
Oil and gas gross production tax of $1.1 billion, down $639.9 million or 36.9 percent. Motor vehicle tax of $903.7 million, up $24 million or 2.7 percent. Other sources, including 70 different revenues, of $1.63 billion, down by $17.9 million or 1.1 percent. Monthly Comparison Gross receipts total $1.36 billion, down $44 million or 3.3 percent for June 2024 vs. 2023. Income tax of $445.8 million, up $53.2 million or 13.5 percent. Individual tax of $421.8 million, up $57.4 million or 15.7 percent. Corporate tax of $24 million, down $4.2 million or 14.9 percent. Sales and use tax of $601.4 million, down $12.7 million or 2.1 percent. Sales tax of $503.1 million, down $17.9 million or 3.4 percent. Use tax of $98.3 million, up $5.3 million or 5.7 percent.  Gross production taxes of $83.7 million, down $4.6 million or 5.2 percent. Motor vehicle taxes of $80.4 million, up $5.5 million or 7.4 percent. Other sources of $149.5 million, up $2.5 million or 1.7 percent. Month-Over-Month Comparison Gross receipts total $1.36 billion, down $68.4 million or 4.8 percent from last month. Decrease in income tax of $90 million or 16.8 percent. Decrease in sales and use tax of $0.5 million or 0.1 percent. Increase in gross production taxes of $0.6 million or 0.7 percent. Increase in motor vehicle taxes of $4.4 million or 5.7 percent. Increase in other sources of $17.2 million or 13 percent. View full PDF report below. GR_July24.pdf |
