Greater Oklahoma City Chamber - OKC reports increase in sales tax collections

OKC reports increase in sales tax collections

Thursday, October 4, 2012

The Journal Record

OKLAHOMA CITY – Sales tax collections in Oklahoma City for September were 16.7 percent higher than the same period in 2011 and 14 percent above city projections.

Retail sales continue to be strong in the city, with double-digit growth over last year in several different retail categories. Retail sales have shown positive growth in the city over the past 11 months.

Apparel and accessories sales tax collections were up 37.7 percent in September over September 2011, according to data released by Oklahoma City. Eating and drinking sales tax collections were 8.8 percent higher than last year.

In a memo, Oklahoma City reported that sales and use tax collections are more than $5 million above target for the year. The city’s allocation of sales taxes were about $18.4 million for September and include the second half of July and the first half of August.

Oklahoma City reports 11.3-percent sales tax growth for the first part of the city’s fiscal year.

Strong sales tax collections are one factor that new retailers take into account when deciding to expand in an area or enter a new market, said Jessica Herrera, manager of retail development and recruitment at the Greater Oklahoma City Chamber.

“Retail sales is one part of their decision-making strategy – they also want to see how their competitors are doing,” Herrera said. “It’s a good overall metric for the local economy.”