- Meet Treasurer McDaniel
- Newsroom
- Economic Reports
- Unclaimed Property
- Inside the Office
- Banking
- Investments
- State Bond Advisor
Thursday, January 7, 2021
OKLAHOMA CITY – As the state endured a pandemic, high unemployment and an oil downturn, Gross Receipts to the Treasury show the Oklahoma economy pulled back by almost four percent during calendar year 2020, State Treasurer Randy McDaniel announced today.
Collections from all sources in calendar year 2020 reached $13.19 billion, down by $520.9 million, or 3.8 percent, from calendar year 2019. Gross receipts from December total $1.16 billion, below December receipts from a year ago by 4.8 million, or 0.4 percent.
“The state’s economy declined in 2020, but was bolstered by the resourcefulness of Oklahomans,” Treasurer McDaniel said. “The state has exceeded expectations during a year most of us would like to forget. Hopefully, we will see improvement in the months ahead as the vaccine becomes widely available.”
During the past year, the gross production tax on oil and gas took the biggest hit – down by almost $400 million and close to 40 percent. The remaining major revenue streams, including income, sales and use, and motor vehicle taxes, remained mostly flat. Individual income tax was down less than two percent for the year, while sale tax shrank by almost four percent. Motor vehicle taxes also were down for the year by more than two percent.
On the positive side, corporate income tax and use tax on out-of-state purchases were up by some 15 percent and 10 percent, respectively.
During December, combined income tax, gross production, and motor vehicle collections were down compared to December 2019 by rates ranging from 18.6 percent for gross production to 0.8 percent for combined income tax. Combined sales and use tax collections grew by 3.6 percent, due primarily to almost 30 percent growth in use tax receipts.
Other economic indicators
The unemployment rate in Oklahoma was set at 5.9 percent in November, according to the U.S. Bureau of Labor Statistics. The state’s jobless rate is down from 6.1 percent in October, but up from 3.4 percent in November 2019. The seasonally adjusted number of Oklahomans listed as jobless was reported as 109,364. The U.S. unemployment rate was set at 6.7 percent in November.
The Oklahoma Business Conditions Index in December rose above growth neutral after dipping in November. The December index was set at 55.9, compared to 49.4 in November. Numbers above 50 indicate economic expansion is expected during the next three to six months.
December collections
Compared to gross receipts from December 2019, collections in December 2020 showed:
2020 collections
Combined gross receipts for the 2020 calendar year compared to the 2019 calendar year:
About Gross Receipts to the Treasury
The monthly Gross Receipts to the Treasury report, developed by the state treasurer’s office, provides a timely and broad view of the state’s economy.
It is released in conjunction with the General Revenue Fund report from the Office of Management and Enterprise Services, which provides information to state agencies for budgetary planning purposes.
The General Revenue Fund, the state’s main operating account, receives less than half of the state’s gross receipts with the remainder paid in rebates and refunds, remitted to cities and counties, and apportioned to other state funds.
# # #
For more information contact:
Tim Allen, Deputy Treasurer for Communications & Program Administration
(405) 205-4929