The Oklahoma State Treasurer’s July 2025 report shows continued year-over-year growth in state tax collections, despite a modest 4.5% drop from the previous month. Total monthly receipts reached $1.41 billion, up 3.6% compared to July 2024, while 12-month collections totaled $16.97 billion, an increase of 0.3% over the prior year.
“Oklahoma’s tax revenue continues to show steady year-over-year growth, even as monthly collections shift with seasonal and economic patterns,” said State Treasurer Todd Russ. “Our state’s consumer activity remains a strong pillar of stability amid national headwinds.”
Oklahoma’s 12-month rolling revenue trend posted its strongest monthly increase in over two years, suggesting signs of steadying economic conditions. This marks the clearest indication yet that the state may be turning a corner after more than a year of softening revenues.
Key Takeaways from the July 2025 Tax Revenue Report:
- Gross Production Tax (oil & gas): Rose 41.4% month-over-month and 50.6% year-over-year, reflecting strength in energy markets.
- Sales & Use Tax: Up 1.8% month-over-month, a positive sign of continued household spending for two consecutive months.
- Other Sources: Increased 11.5% month over month and includes more than 70 different revenue streams.
- The Business Conditions Index dropped to 49.0, indicating a potential pause in regional economic growth.
Ties to National Trends:
Nationally, state revenues continue to show mixed results as the U.S. economy adjusts to persistent inflation and elevated interest rates. While consumer spending is cooling and business activity is softening in some regions, Oklahoma remains comparatively strong—supported by steady employment, rising energy revenues, and a diversified, fiscally balanced economy.
- The U.S. unemployment rate held at 4.2%, while Oklahoma’s remains lower at 3.1%.
- Inflation edged up slightly to 2.7%, while personal consumption prices continue to rise both increasing for three consecutive months.
- National economic growth is expected to moderate, with Federal Reserve policy remaining tight, influencing borrowing, investment, and consumer behavior.
- Despite these factors, Oklahoma’s energy production and manufacturing exports continue to grow. The state recorded $2.9 billion in manufacturing exports in the first five months of 2025, up 3.5% from the same period in 2024.
“While we’re seeing some short-term shifts in some tax categories, the long-term indicators remain strong,” Treasurer Russ added. “Oklahomans are working, producing, and spending in ways that continue to support a healthy economy.”
Access the Full Report
The complete July 2025 Tax Revenue Report is available at treasurer.ok.gov, including breakdowns by tax category, sector, and month.
