Oklahoma Treasurer Todd Russ expressed optimism about Oklahoma’s economy as he released the March revenue numbers for the state, numbers that reflected an increase in gross production tax revenue from oil and gas production.
However, his optimism was also expressed last week just as the impact of President Trump’s worldwide tariffs were beginning to be felt.
Oklahoma’s entire March tax revenue totaled $1,315,740,082 which was a more than 11% increase over the February revenue figures.
While Russ showed optimism about growing numbers, he indicated Oklahoma’s revenue total of $16.84 billion for the past year was a decrease of $12.1 million or 0.1% over the last year.
– Increase in revenue of 11.4% over last month.
– Revenue total of $16.84B for the last 12 months a decrease of $12.1M, or 0.1%, over the last year.
– Year over year monthly comparisons show an overall decrease of $28M or 2.1%.
– All tax sources increased over the last month.
– Gross Production Tax of $99.5M, up 2.5%,
– Total Income Tax of $509.5M up 24.9%,
– Total Sales and Use Tax of $12.2M up 2.4%,
– Motor Vehicle Tax of $16.4M up 27.1% and
– Other Tax Sources of $2.1M up 1.9%.
The state’s Business Conditions Index for March declined to a solid 53.6 from 56.1 in February. Components of the overall March index were: new orders at 55.5; production or sales at 53.6; delivery lead time at 54.6; inventories at 43.7; and employment at 60.5. According to ITA data, the Oklahoma economy began the year with $525.0 million in manufacturing exports, compared to $499.0 million for the same period in 2024, for a 5.2% gain.
