November 2024 Oklahoma Gross Receipts

Receipts for the last 12 months through September total $16.95B, a decrease of $115.6M, or 0.7%, when comparing revenue from the previous year. Total revenue for October 2024 equal $1.387B and decreased over October 2023 by $16.2M or 1.2%. and reflecting a modest change from grocery tax cut going forward.

Gross Production Tax or “GPT” totals equal $73.3M, down $12.1M or 14.2% over the previous month. Other tax sources for the same time period show individual income tax increased 16.3%, total sales and use tax decreased 7.7%, motor vehicle tax increased 1.7% and other sources increased 9.9%.

OK Unemployment for October — 3.4% seasonally adjusted rate, decreasing 0.1% from September.

US Unemployment for October — 4.1% seasonally adjusted rate, remaining the same from September.

Consumer Price Index — Up 0.2% in October on a seasonally adjusted basis, after increasing 0.2% in September.

• The index for shelter rose 0.4% in October, accounting for over half of the monthly all items increase. The food index also increased over the month, rising 0.2% as the food at home index increased 0.1% and the food away from home index rose 0.2%. The energy index was unchanged over the month, after declining 1.9% in September.
• The all items index rose 2.6% for the 12 months ending October, after rising 2.4% over the 12 months ending September. The all items less food and energy index rose 3.3% over the last 12 months. The energy index decreased 4.9% for the 12 months ending October. The food index increased 2.1% over the last year.

The state’s Business Conditions Index for October increased over last month.

Jan. 48.7      Feb 46.9      March 53.3      April 54.7     May 48.4
June 47.5     July 49.3      Aug. 48.0        Sept. 45.7      Oct. 52.1

Components of the overall October index were: new orders at 53.1; production or sales at 52.7; delivery lead time at 57.7; inventories at 50.9; and employment at 46.0. According to the latest U.S. International Trade Administration data, Oklahoma’s manufacturing sector expanded 2024 year-to-date exports by $795 million from the same period in 2023 for a 20.0% gain.

As a timely, broad view of the state’s economy the report releases in conjunction with the General Revenue Fund report. Providing information to state agencies for budgetary planning purposes, the General Revenue Fund acts as the state’s main operating account and receives a portion of the state’s gross receipts as well as state, city and county funds.

12-Month Period End Comparison

Gross receipts total $16.87 billion, down $175.2 million or 1.0 percent.

• Combined individual income tax and corporate income tax $6.2 billion, up $203.6 million or 3.4 percent.
  • Individual tax of $5.3 billion, up $229.4 million or 4.5 percent.
  • Corporate tax of $913.2 million, down $25.8 million or 2.7 percent.
• Combined sales tax and use tax–including city and county remittances–of $7.05 billion, down $71 million or 1.0 percent.
  • Sales tax of $5.84 billion, down $143.9 million or 2.4 percent.
  • Use tax, received on out-of-state and Internet purchases, of $1.2 billion, up $72.9 million or 6.4 percent.

 

• Oil and gas gross production tax of $1.02 billion, down $354.6 million or 25.7 percent.
• Motor vehicle tax of $914 million, up $35.8 million or 4.1 percent.
• Other sources, including 70 different revenues, of $1.65 billion, up $10.5 million or 0.6 percent.

Monthly Comparison

Gross receipts total $1.39 billion, down $82.7 million or 6.4 percent for November 2024 vs. 2023.

• Income tax of $372.9 million, down $27.6 million or 7.3 percent.
  • Individual tax of $353.3 million, down $27.6 million or 7.9 percent.
  • Corporate tax of $19.7 million, up $5.2 million or 35.8 percent.
• Sales and use tax of $575.7 million, down $19.3 million or 3.3 percent.
  • Sales tax of $461.7 million, down $30 million or 6.1 percent.
  • Use tax of $114 million, up $10.6 million or 10.3 percent.

• Gross production taxes of $66.7 million, down $39.1 million or 37 percent.
• Motor vehicle taxes of $59.8 million, down $4.4 million or 6.9 percent.
• Other sources of $133.1 million, up $2.6 million or 2.0 percent.

Month-Over-Month Comparison

Gross receipts total $1.21 billion, down $179.3 million or 12.9 percent from last month.

• Decrease in income tax of $372.9 million or 30.7 percent.
• Increase in sales and use tax of $29.4 million or 5.4 percent.
• Decrease in gross production taxes of $6.6 million or 9.0 percent.
• Decrease in motor vehicle taxes of $17.6 million or 22.7 percent.
• Decrease in other sources of $19.2 million or 12.6 percent.