OKLAHOMA CITY (AP) -- Oklahoma's economy continues to move in a positive direction, with overall collections to the state treasury continuing to grow in May compared to the same time last year, state Treasurer Ken Miller reported Wednesday.
Gross receipts last month totaled nearly $884 million, a 2.9 percent increase over May 2012. That compares to an average month-over-month growth rate of 2.3 percent during the last 12 months, Miller reported.
"Our economic engine continues to improve," Miller said.
Miller, who is also an economist, said he's particularly encouraged by an increase in collections of oil and gas production taxes. These taxes generated nearly $64 million in May, an increase of 1.28 percent from May 2012. Collections also bested April receipts by $6.75 million, or nearly 12 percent.
Miller said it was the first time in 18 months that gross production tax collections exceeded the same month of the prior year.
Personal income tax collections in May totaled $272 million, a 5.5 percent increase over May 2012, while corporate income tax collections of $8.6 million were down about 17 percent. Overall sales tax collections were up 3.8 percent over May 2012, while motor vehicle taxes produced $59 million, a decrease of 5.2 percent from the same month last year.
The treasurer added that the devastating tornadoes that pummeled Moore and other Oklahoma City-area communities in recent weeks ultimately will provide a boost to the state's economy as people rebuild homes and replace vehicles and other personal items lost in the storm.
"You're going to see a construction boom and a lot of economic activity generated from the storm," Miller said. "You're going to see that bleed over into many sectors of our economy."
Sean Murphy can be reached at www.twitter.com/apseanmurphy
- Budget, Tax & Economy