State revenues in June topped $1 billion, Oklahoma Treasurer Ken Miller announced last week, up $134.5 million from June 2010.
Over the past 12 months, according to Miller, revenue collections totaled $10.2 billion. That is $733.8 million more than the 12-month period that ended in June 2010.
“Now entering the third year of the cyclical expansion, Oklahoma’s double-digit revenue growth last month shows our state’s economy is clearly regaining its strength while the national economy continues its rather anemic growth,” Miller said.
June revenue includes $322.7 million from the sales tax and $374 million of net income tax collections.
The improvement is being seen across the state, according to Miller.
“Gross receipts, reflecting a cross-section of the state’s economic activity, are encouraging from top to bottom,” the state treasurer said. “Again this month, every major category shows growth with earnings and consumption especially strong.”
Unemployment in Oklahoma fell to 5.3% in March, down from 7.1% in March 2010. The national unemployment rate in May was 9.1%.
“At nearly four percentage points below the national unemployment rate, Oklahoma’s job market is not where it needs to be, but is exceptional on a relative basis,” Miller said.
The state sales tax has generated $3.7 billion over the last 12 months, up almost $300 million from the year earlier. Net income tax collections over the period total $3.5 billion, an increase of $230.1 million.