Newspaper article THE JOURNAL RECORD

October Taxable Sales Up 4.4 for Mertro Area

Newspaper article THE JOURNAL RECORD

October Taxable Sales Up 4.4 for Mertro Area

Article excerpt

Estimated taxable sales rose 4.4 percent during October to $713.6 million for the Oklahoma City metropolitan statistical area, according to figures calculated by the University of Oklahoma Center for Economic and Management Research.

October's increase for the metro area was up compared with $683.4 million for the same month a year earlier.

Calculations were based on the tax rate and the December distribution from the Oklahoma Tax Commission, representing business conducted during the month of October.

While taxable sales rose only 4.4 percent, sales tax collections increased 30 percent during October to $24.28 million from $18.67 million last year.

Taxable sales for Oklahoma City rose 3.9 percent to $433 million from $416.6 million in October 1993. Sales tax collections for the city showed a 40.3 percent increase to $16.2 million from $11.57 million.

The difference is largely because of the special 1-cent increase in sales tax to fund Metropolitan Area Projects, which was approved by voters last December and went into effect in January.

Oklahoma City also had a 2.9 percent increase in taxable sales during the January to October period to $4.3 billion from $4.18 billion during the same period of 1993.

For the first 10 months Oklahoma City metro area taxable sales were up 4.3 percent to $7.1 billion from $6.8 billion last year.

Robert C. Dauffenbach, director of the OU center, said October results are a "welcome reprieve from the disappointing, and even scary, results for September." He attributed slow growth in September, which was only 2 percent, to outsized gains in September 1993.

"These October results provide additional confirmation that the small percentage gains in September 1994 were somewhat of a statistical aberration. A relatively strong finish for the Christmas selling months of November and December appears more likely in consequence of this very respectable showing in October."

A national average increase in retail sales for this season is expected to be 6 percent.

All but two cities in the Oklahoma City metropolitan area, Nichols Hills and Purcell, achieved gains in taxable sales in October from the previous year.

Nine cities grew by double-digit rates: Jones, up by 31.2 percent to $497,922 from $379,499, the largest increase for the metro area. The Village, up by 21 percent to $10.8 million from $8.9 million. Harrah, up by 20.9 percent to $2.06 million from $1.7 million. Nicoma Park, up by 16.1 percent to $817,560 from $704,486. Bethany, up by 15.5 percent to $7.57 million from $6.55 million. El Reno, up by 14 percent to $8.9 million from $7.8 million. Newcastle, up by 12.2 percent to $2.7 million from $2.4 million. Moore, up by 10.2 percent to $16.5 million from $15 million. Spencer, up by 16.8 percent to $892,657 from $764,238. …

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