March Gross Receipts to the Treasury point to accelerating economic expansion in Oklahoma, pushed along by wage growth and rising inflation, State Treasurer Randy McDaniel announced Wednesday.
March gross receipts of $1.38 billion are up by almost 23 percent
compared to the same month of last year. That is a record high for March collections. Twelve-month receipts of $15.87 billion, also a record high, are up by more than 20 percent compared to the prior period.
“The level of growth we’ve seen recently shows the state economy is hitting on all cylinders, even when accounting for inflationary pressure,” Treasurer McDaniel said.
“With unemployment at a record low, more Oklahomans are finding work, which is helping deliver exceptional economic results.”
Gross production collections in March set a record monthly high, generating $165.3 million, up by 82 percent from March 2021. Meanwhile, oil and gas drilling and oilfield employment
remain well below record highs set in the past decade.
McDaniel made the statements in a special edition of the Oklahoma Economic Report.