Oklahoma City enjoyed growth in its sales tax receipts for a 10th straight month in October, and signs continue to pile up that the growth is here to stay.
The city's sales tax revenue for October beat projections by about 3 percent and showed growth of 6 percent compared to the same month last year, according to city figures.
Oklahoma City is already more than $6 million ahead of where it expected to be at this point in the fiscal year, which began July 1.
Oklahoma City's sales tax revenue includes growth across every category of sales measured.
“You go back over the last 10 months, our average growth has been 9.8 percent per month,” city Budget Director Doug Dowler said. “Oklahoma City's economy is doing very well right now.”
Economists have said data shows the economic recovery period in Oklahoma City has largely ended, despite ongoing systemic issues contributing to a sluggish economy worldwide.
Oklahoma City has entered a growth period, despite record low natural gas prices affecting some of the region's largest employers.
“We do seem to be on a very favorable trend right now,” Dowler said.
The long string of growth in monthly sales tax revenue reports is only one sign that the growth has strong underpinnings. Applications for building permits and licenses are up more than 8 percent this year, and receipts from the city's use tax and hotel tax also are up.
“There's more activity in lots of areas. It's not just one thing that's pushing this right now,” Dowler said.
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