Oklahoma economy recovering, May revenue rises 34% from 2020

OKLAHOMA CITY (AP) - Oklahoma State Treasurer Randy McDaniel says Oklahoma's economy is recovering from the coronavirus pandemic downturn with revenue collections in May 34% higher than May 2020.

McDaniel said Tuesday that the state collected $1.24 billion in May, $314.7 million more than the same month a year ago. McDaniel said the economy is being spurred as quarantines were lifted and businesses reopened, releasing pent-up demand for goods and services.

McDaniel said the strongest indicator of increased economic activity is sales and use tax collections of $534.2 million, which is a 26% increase from a year ago.