Friday, September 8, 2017

Oklahoma treasurer reports 'slow and steady' economic recovery

September 07, 2017 at 05:13PM

By Dale Denwalt Capitol Bureau ddenwalt@oklahoman.com

Total state revenue beat last year's haul for the seventh month in a row, Oklahoma Treasurer Ken Miller said Thursday.

August 2017 collections topped the previous single-month mark by 5.7 percent, or $47.4 million, showing a boost in summer spending and income.

Miller also reported that for the first time since August 2015, collections during the past 12 months beat totals from the previous year.

The increase marks a small gain compared to the previous year's worth of data, less than 1 percent, but Miller said the state's economy is growing slowly and steadily.

"The energy sector remains the primary driver of the state's economic expansion as evidenced by the continued rise in oil field employment and gross production tax payments," Miller wrote in a news release.

Tax revenue on oil and gas production grew for the 11th month in a row, he said.

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