The U.S. jobless rate was 3.4 percent in January, down by one-tenth of a percentage point from the prior month, while Oklahoma’s employment numbers continued to show -strength. In January, the state’s unemployment rate was 3.1 percent.

Regional economic trends have turned positive. The Creighton University Mid-America Business Conditions Index for the nine-state region reached its highest level since last July, after three straight months below growth neutral. The Oklahoma component of the index rose to 54.9 in February – a sharp increase from 43.3 in the previous month.

February collections

February 2023 collections compared to gross receipts from February 2022 show:

• Total monthly gross collections are $1.21 billion, up by $142.8 million, or 13.4 percent.
• Gross income tax collections, a combination of individual and corporate income taxes,generated $367.8 million, up by $49.2 million, or 15.4 percent.
• Individual income tax collections total $341.6 million, an increase of $39.0 million, or 12.9 percent.
• Corporate collections are $26.2 million, up by $10.2 million, or 64.0 percent.
• Combined sales and use tax collections, including remittances on behalf of cities and counties, total $528.3 million – up by $50.1 million – or 10.5 percent.
• Sales tax receipts are $450.0 million, an increase of $42.7 million, or 10.5 percent.
• Use tax receipts, collected on out-of-state purchases including internet sales, generated $78.3 million, an increase of $7.4 million, or 10.4 percent.
• Gross production taxes on oil and natural gas total $124.6 million, an increase of $35.0 million, or 39.1 percent.
• Motor vehicle taxes produced $67.5 million, up by $7.7 million, or 12.8 percent.
• Other collections composed of some 60 different sources produced $118.5 million – up by $0.8 million, or 0.7 percent.

Twelve-month collections

Combined gross receipts for the past 12 months compared to the prior period show:

• Gross revenue totals $17.62 billion. That is $2.01 billion, or 12.9 percent, above collections from the previous 12 months.
• Gross income taxes generated $6.1 billion, up by $723.1 million, or 13.5 percent.
• Individual income taxes total $5.1 billion, up by $609.8 million, or 13.6 percent.
• Corporate collections are $1.0 billion, an increase of $113.3 million, or 12.6 percent.
• Combined sales and use tax collections are $6.95 billion, an increase of $565.2 million, or 8.8 percent.
• Gross sales tax receipts total $5.9 billion, up by $448.3 million, or 8.2 percent.
• Use tax receipts generated $1.1 billion, an increase of $116.9 million, or 12.3 percent.
• Oil and gas gross production tax collections produced over $2.0 billion, up by $738.5 million, or 57.2 percent.
• Motor vehicle revenues total $883.4 million, an increase of $1.7 million, or 0.2 percent.
• Other sources resulted in almost $1.7 billion, down by $17.4 million, or 1.0 percent.

About Gross Receipts to the Treasury

The monthly Gross Receipts to the Treasury report, developed by the State Treasurer’s Office, provides a timely and broad view of the state’s economy.

It is released in conjunction with the General Revenue Fund report from the Office of Management and Enterprise Services, which provides information to state agencies for budgetary

planning purposes.

The General Revenue Fund, the state’s main operating account, receives less than half of the state’s gross receipts with the remainder apportioned to other state funds, remitted to cities and counties, and paid in rebates and refund.