OKLAHOMA CITY (AP) — The Oklahoma economy is recovering from the coronavirus pandemic downturn with revenue collections in May 34% higher than May 2020, state Treasurer Randy McDaniel said Tuesday.
The state collected $1.24 billion in May, $314.7 million more than the same month a year ago, according to McDaniel.
“At this time last year, unemployment was high, numerous businesses had significantly reduced operations, and many people were quarantined in their homes," McDaniel said. "Today, pent-up demand has been unleashed and the economy is performing quite well.”
McDaniel said the strongest indicator of increased economic activity is sales and use tax collections of $534.2 million, a 26% increase or $110.1 million more than a year ago.
Gross production taxes on oil and gas generated $87.3 million, nearly 128% more than May 2020 after oil prices plummeted to below $20 per barrel.
The unemployment rate in Oklahoma was 4.3% in April, the most recent month available, down from 13% in April 2020.