State Treasurer Todd Russ released the September 2026 Economic Outlook Report, highlighting continued year-over-year growth across major state revenue sources, stronger manufacturing activity and sustained momentum in Oklahoma’s energy sector, alongside rising fuel costs and continued inflationary pressures.
Energy’s increased productivity was a key part of the growth. Gross Production Tax revenue totaled $95.4 million in September, up 6.3% from the same month last year.
“Oklahoma’s revenue performance continues to show growth across major tax sources, while manufacturing and energy activity remain important contributors to the state’s economy,” said Treasurer Russ. “At the same time, rising fuel costs and ongoing inflation pressures reinforce the importance of monitoring economic conditions.”
September revenue increased across all five major tax categories compared with September 2025. Gross Production Tax revenue rose $5.7 million, or 6.3%; Income Tax revenue increased $101.1 million, or 15.5%; Sales and Use Tax revenue grew $71.4 million, or 12.8%; Motor Vehicle Tax revenue rose $900,000, or 1.3%; and revenue from other tax sources increased $2.9 million, or 2.3%.
Key findings from the September Economic Outlook Report include:
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Energy revenue remains above year-ago levels. Gross Production Tax revenue totaled $95.4 million in September, up 6.3% from the same month last year. The rolling 12-month total also continued to grow, reflecting sustained contributions from Oklahoma’s oil and natural gas sector.
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Manufacturing activity continues to expand. Oklahoma’s Business Conditions Index registered 55.4 in September, remaining above the growth-neutral level of 50. Production and new orders continued to grow, employment moved into expansion, and manufactured goods exports were up 16.3% compared with the same periods in 2025 and 2024.
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Energy strength coincides with higher fuel costs. Higher oil prices and increased drilling activity supported the energy sector in September. However, rising gasoline prices added pressure to household budgets and may contribute to broader inflation.
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Inflation remains a key indicator to watch. The Personal Consumption Expenditures price index rose 3.4% year over year in August, matching July’s revised rate. In September, the Consumer Price Index (CPI) increased 0.6% during the month, bringing annual inflation to 3.7%. The rise in consumer prices signals renewed inflationary pressure and continued challenges for household budgets.
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Financial markets pulled back. The Oklahoma Stock Index declined to 76.22, while the Dow Jones Industrial Average fell to 50,906, giving back some recent gains amid shifting investor sentiment and continued attention to inflation, corporate earnings and interest rates.
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Unemployment rates reflect a gradually cooling labor market. The national unemployment rate increased to 4.2% in September, while Oklahoma’s September rate had not yet been released at the time of the report. The latest available rates were 4.3% for Oklahoma and 4.2% nationally for August. National employment trends point to slower hiring and more measured job growth, rather than a sharp downturn.
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Mortgage rates rose through September. The average 30-year fixed mortgage rate climbed steadily during the month, reaching 7.03% in the final week. Higher borrowing costs add pressure to homebuying expenses and may further challenge affordability as prospective buyers weigh financing costs against limited housing availability. Continued rate increases could also affect buyer demand and housing market activity.
The September report reflects an Oklahoma economy supported by broad-based revenue growth, continued energy-sector activity and expanding manufacturing. Inflation, borrowing costs and a gradually cooling labor market remain important factors to monitor as economic conditions evolve.
The complete September 2026 Economic Report is available at treasurer.ok.gov, including breakdowns by category, sector, and industry.
