The Norman Transcript

Government

February 6, 2013

January gross receipts make history

NORMAN — Oklahoma’s economy reached a number of milestones as it showed expansion in January, State Treasurer Ken Miller said Tuesday as he released the state’s monthly gross receipts to the treasury report.

“For the first time in Oklahoma history, January gross receipts exceeded $1 billion,” Miller said. “Income tax withholding set an all-time record, as did total sales tax collections.”

Miller said the record collections reflect economic recovery and are not related to increased tax rates that have been cut over the past several years.

“This month’s treasury report illustrates that Oklahoma’s economy is doing well with individual earnings and spending up more than ever before,” he said.

Total gross collections topped $1.009 billion for the month. Income tax withholding in January was $268 million. The previous withholding record was $246.3 million, set in January 2012. Gross sales tax collections this month were $365.3 million. The previous sales tax record was $364.9 million, set in December.

January receipts from all sources grew by 1.4 percent from the prior year, and collections for the past 12 months were up by 3.2 percent. Gross production collections in January fell by 15.6 percent from the prior year.

“The state economy is showing its resilience, even as collections from the production of oil and natural gas continue to underperform,” he said.

Collections from the past 12 months are $1.74 billion higher than when gross receipts bottomed out in February 2010. More than 90 percent of the revenue lost from the peak of the expansion cycle in December 2008 has now been recovered.

Other positive signs: Miller said more positive economic news can be found in the most recent unemployment figures, which set Oklahoma’s December unemployment rate at 5.1 percent. That compares to a national rate of 7.9 percent. One year ago, the state’s unemployment rate was 6.3 percent.

The latest Business Conditions Index for Oklahoma report bodes well for the state’s economy. The January survey shows Oklahoma with a rating of 53.8, compared to 52.1 in December. Numbers above 50 indicate anticipated growth. According to the survey, Oklahoma has among the best performing economies in the region.

Text Only | Photo Reprints
Government
  • Breast Care Center will relocate to HealthPlex

    The Norman Regional Health System will move its Breast Care Center to the HealthPlex campus, making it more accessible for patients, hospital officials said Monday. At its monthly board meeting, the Norman Regional Hospital Authority ...

    July 29, 2014

  • Officials say transparency lacking in Wal-Mart zoning

    Norman city staff recently admitted to withholding information from the public regarding a controversial zoning change in southeast Norman. If approved by the city council, the proposal will allow a Wal-Mart supercenter at Cedar Lane and ...

    July 25, 2014

  • Fracking Operation Norman library to host community dialogue about fracking

    Are Oklahoma oil companies an oligarchy that is controlling state policy? Is fracking safe? These and other topics will be the subject of an upcoming Fracking Forum from 7 to 8:30 p.m. Aug. 11 in the Norman Public Library’s Lowry Room, 225 ...

    July 24, 2014 1 Photo

  • City manager calls Moore strong while addressing Chamber

    MOORE — Moore’s City Manager Steve Eddy could have quoted Dickens: “It was the best of times, it was the worst of times.” Eddy, with help from Mayor Glenn Lewis, reported on Tuesday on the State of the City to the Moore Chamber of ...

    July 23, 2014

  • walmart City leaders say ‘yes’ to Wal-Mart supercenter postponement

    Despite complaints that a postponement request was in the eleventh hour, a zoning change in east Norman was put on hold Tuesday night. The proposal to rezone property at Cedar Lane Road between 24th Avenue Southeast and Highway 77 ...

    July 23, 2014 1 Photo

  • Moore City Council paves way for Sam’s Club location

    MOORE — The Moore City Council approved a $5 million bond Tuesday to be repaid with sales tax and utility revenues. “A good amount of street improvements needs to be done,” Moore City Manager Steve Eddy said. “This will be paid for with ...

    July 22, 2014

  • Another brick in the Wal-Mart

    Norman could soon have five Wal-Mart stores, including three supercenters and two neighborhood markets. A proposal for the newest supercenter will come before the Norman City Council at 6:30 p.m. Tuesday via a request for a zoning change on ...

    July 20, 2014

  • Local group celebrates ruling

    A local group, Mothers of Many, expressed its elation with Friday’s 10th Circuit Court ruling striking down Oklahoma’s state ban on same-sex marriage....

    July 20, 2014

  • Leftover loss still hurting

    OKLAHOMA CITY — Cities, counties and school districts remain frozen out of a federal program that has sent millions of dollars worth of trenchers, trailers, semis, bulldozers, boats and forklifts and other equipment over the years....

    July 19, 2014

  • City and state briefs

    Transportation needs listed The White House released a new report this week from the Council of Economic Advisers and National Economic Council on the long-term economic benefits of transportation investment and why conditions in the ...

    July 17, 2014