Oklahoma's Economic Growth Continues, Slows In July

Tuesday, August 2nd 2011, 4:04 pm
By: News 9

Associated Press

OKLAHOMA CITY -- Oklahoma Treasurer Ken Miller says the state's economy continues to grow, although the pace slowed a bit in July.

Miller said Tuesday the showdown over the federal debt ceiling in Washington likely is to blame for eroding consumer confidence and providing uncertainty for small businesses.

Figures show gross revenue collections for July increased 6.8 percent from the same month last year, following two straight months of double-digit growth.

Miller says the energy industry continues to be the major driver of the state's economy, with gross production taxes on oil and natural gas increasing more than 36 percent from last July.

Net income tax collections were relatively flat compared to last year, while sales tax collections were up 6 percent from July 2010.

 10/30/2010 Related Story: Republican Ken Miller Elected State Treasurer.