The State Treasurer mentioned Oklahoma’s financial system is working 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 financial system has not solely weathered the storm, however it seems very optimistic going ahead,” State Treasurer Randy McDaniel mentioned.
Mixed collections over the previous 12 months totaled $13.56 billion. That’s a 2.6 p.c improve in comparison with the identical interval earlier than the pandemic. McDaniel mentioned an open financial 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 individuals are searching for the enterprise homeowners throughout the state has made a distinction,” the Treasurer mentioned. “Simply the truth that they’ve been open, to have been in a position to have a shorter time frame after they’ve been on the sidelines, I feel that’s made a huge impact.”
A giant a part of the state’s financial system, oil and fuel gross manufacturing tax collections additionally buoyed the Oklahoma’s pandemic 12 months 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 bought down into the $40 million vary. To see that and restoration exercise that goes with it has been a serious enhance,” McDaniel mentioned.
Outdoors financial indicators additionally look optimistic shifting 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 following couple of months are going to be good as properly,” McDaniel mentioned.
He mentioned as Oklahomans’ lives normalize, the state’s financial image will solely get rosier.
“Individuals are prepared they usually’re able to get again and engaged of their neighborhood,” McDaniel mentioned. “And I feel once we do this, the underside line for us is a greater financial system and a greater Oklahoma.”