Receipts for the last 12 months total $16.87B, a decrease of $39.99M, or 0.2%, when comparing revenue from the previous year. Year over year monthly comparisons show an overall decrease of $9.4M or 0.8%. While Tax sources show a mix of increases and decreases with Gross Production Tax or “GPT” totals equaling $97.1M, up $2.6M or 2.8% over February of last year. Tax sources for the same time period show total income tax increased 5.9% and total sales and use tax decreased 3.2%.
“Strong year-over-year growth in income tax and oil & gas production tax recovery signal resilience amid economic fluctuations. Oklahoma’s economy continues to navigate these shifts while the Fed’s maintain a tight position,” said Treasurer Todd Russ.
OK Unemployment for January — 3.3% seasonally adjusted rate, remaining the same since October.
US Unemployment for December — 4.1% seasonally adjusted rate, increasing 0.1% from December.
Consumer Price Index — Up 0.5% in January on a seasonally adjusted basis, after increasing 0.4% in December.
- The index for shelter rose 0.4% in January, accounting for nearly 30% of the monthly all items increase. The energy index rose 1.1% over the month, as the gasoline index increased 1.8%. The index for food also increased in January, rising 0.4% as the index for food at home rose 0.5% and the index for food away from home increased 0.2%.
- The index for all items less food and energy rose 0.4% in January. Indexes that increased over the month include motor vehicle insurance, recreation, used cars and trucks, medical care, communication, and airline fares. The indexes for apparel, personal care, and household furnishings and operations were among the few major indexes that decreased in January. The all items index rose 3.0% for the 12 months ending January, after rising 2.9% over the 12 months ending December.
The state’s Business Conditions Index for January increased over last month.
Jan. 48.7 Feb 46.9 March 53.3 April 54.7 May 48.4 June 47.5
July 49.3 Aug. 48.0 Sept. 45.7 Oct. 52.1 Nov. 50.2 Dec 52.7Components of the overall January index were: new orders at 49.4; production or sales at 48.3; delivery lead time at 59.3; inventories at 55.5; and employment at 59.1. According to the latest U.S. International Trade Administration data, Oklahoma expanded 2024 year-to-date manufacturing exports by $1.3 billion from the same period in 2023 for a 22.7% gain.
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.
12-Month Period End Comparison
Gross receipts total $16.87 billion, down $39.99 million or 0.2 percent.
- Combined individual income tax and corporate income tax $6.3 billion, up $246.8 million or 4.0 percent.
- Individual tax of $5.4 billion, up $283.7 million or 5.5 percent.
- Corporate tax of $911.5 million, down $37.0 million or 3.9 percent.
- Combined sales tax and use tax–including city and county remittances–of $6.9 billion, down $144.5 million or 2.0 percent.
- Sales tax of $5.7 billion, down $213.1 million or 3.6 percent.
- Use tax, received on out-of-state and Internet purchases, of $1.2 billion, up $68.6 million or 5.9 percent.
- Oil and gas gross production tax of $996.9 million, down $196.3 million or 16.5 percent.
- Motor vehicle tax of $912.4 million, up $38.2 million or 4.4 percent.
- Other sources, including 70 different revenues, of $1.64 billion, up $15.9 million or 1.0 percent.
Monthly Comparison
Gross receipts total $1.18 billion, down $9.4 million or 0.8 percent for February 2025 vs. 2024.
- Income tax of $407.9 million, up $22.7 million or 5.9 percent.
- Individual tax of $393 million, up $25.2 million or 6.8 percent.
- Corporate tax of $14.9 million, down $2.5 million or 14.1 percent.
- Sales and use tax of $502.4 million, down $16.6 million or 3.2 percent.
- Sales tax of $413.6 million, down $23.2 million or 5.3 percent.
- Use tax of $88.8 million, up $6.5 million or 8.0 percent.
- Gross production taxes of $97.1 million, up $2.6 million or 2.8 percent.
- Motor vehicle taxes of $60.5 million, down $15.5 million or 20.4 percent.
- Other sources of $113 million, down $2.6 million or 2.3 percent.
Month-Over-Month Comparison
Gross receipts total $1.18 billion, down $331.8 million or 21.9 percent from last month.
- Decrease in income tax of $198.2 million or 32.7 percent.
- Decrease in sales and use tax of $106.5 million or 17.5 percent.
- Increase in gross production taxes of $13 million or 15.5 percent.
- Decrease in motor vehicle taxes of $12 million or 16.6 percent.
- Decrease in other sources of $28.1 million or 19.9 percent.
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