The State Treasurer stated Oklahoma’s economic system is operating on all cylinders. That optimism comes after a monthly financial report places Oklahoma again in optimistic territory for tax collections for the reason that COVID-19 pandemic started.
“The underside line is, Oklahoma’s economic system has not solely weathered the storm, nevertheless it appears very optimistic going ahead,” State Treasurer Randy McDaniel stated.
Mixed collections over the previous 12 months totaled $13.56 billion. That’s a 2.6 p.c enhance in comparison with the identical interval earlier than the pandemic. McDaniel stated an open economic system, federal stimulus checks and low unemployment have all put Oklahoma’s financial well being forward of many different states.
“There’s little question by having some optimism that persons are looking for the enterprise house owners throughout the state has made a distinction,” the Treasurer stated. “Simply the truth that they’ve been open, to have been capable of have a shorter time frame once they’ve been on the sidelines, I believe that’s made a huge impact.”
An enormous a part of the state’s economic system, oil and fuel gross manufacturing tax collections additionally buoyed the Oklahoma’s pandemic yr totals. Taxes from these industries introduced in additional than $130 million in February. The ten-year collections excessive coincide with historic pure fuel costs following a February winter storm.
“We actually had some sluggish months once we acquired down into the $40 million vary. To see that and restoration exercise that goes with it has been a significant enhance,” McDaniel stated.
Exterior financial indicators additionally look optimistic transferring ahead. The Oklahoma Business Conditions Index from Creighton College gave Oklahoma its most optimistic outlook score in ten years.
“Not solely is that this month good, we are able to see the writing on the wall that the subsequent couple of months are going to be good as nicely,” McDaniel stated.
He stated as Oklahomans’ lives normalize, the state’s financial image will solely get rosier.
“Persons are prepared they usually’re able to get again and engaged of their group,” McDaniel stated. “And I believe once we try this, the underside line for us is a greater economic system and a greater Oklahoma.”