Newspaper article THE JOURNAL RECORD

Retail Trade, Tax Reports Highlight State Indicators

Newspaper article THE JOURNAL RECORD

Retail Trade, Tax Reports Highlight State Indicators

Article excerpt

Journal Record Staff Reporter Growth in retail trade, sales tax collections and new business incorpora- tions were highlights of the Oklahoma Economic Indicators report released Tuesday by the Oklahoma Department of Commerce. Crude oil prices began to climb, and the announced investment of new and expanded manufacturers was at the second highest level since June 1990, the report said. For the 45th consecutive month, wage and salary employment in April rose above the level for the same month in the previous year, the report said.

The 736 new business incorpora- tions filed in April with the Oklahoma secretary of state was a 25.8 percent increase from 585 in April 1990. It marked the highest total in eight months and the second highest peak in nearly two years. April wage and salary employment of 1.19 million was up slightly from 1.18 million in April 1990, marking the 45th consecutive month that was higher than the same month the year before. Retail trade sales of $1.2 million in February were up 5.1 percent from $1.15 million in February 1990, for the second highest level in five months. Total announced investments of new and expanded manufacturers of $48.4 million in May was down 6.4 percent from $51.7 million in May 1990. However, the May total was second highest since June 1990, the report said. Total bankruptcies filed during the first five months of 1991 were 6,427, up 9.2 percent from 5,887 during the first five months of 1990.

Sales tax collections of $75.3 million in April were up 13.9 percent from $66.1 million in April 1990. Collections were up 15.2 percent for the first 10 months of the fiscal year that ends June 30, but a sales tax hike from House Bill 1017 must be considered in that percentage increase. …

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