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Oklahoma's Economic Downturn Now Longer Than Great Recession, Treasurer Says

State Treasurer Ken Miller
Sue Ogrocki
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AP
State Treasurer Ken Miller

The current economic downturn has now lasted longer than the Great Recession in Oklahoma.

State treasurer Ken Miller said the downturn in gross receipts has now lasted for 17 months, based on July figures released Friday. The gross receipts shrinkage after the financial crisis eight years ago lasted from December 2008 to February 2010.

Miller said despite the length, this downturn hasn’t been as steep as the last one, which has kept unemployment rate down. Oklahoma’s jobless rate hit 7.1 percent in 2010, but was at 4.8 percent in June – just one-tenth of a percent below the national average.

Oklahoma’s July gross collections to the Treasury were down 9.4 percent over July 2015. All major revenue streams were down, and collections over the past 12 months are down 7.6 percent.

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Credit Office of the State Treasurer
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Credit Office of the State Treasurer
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Credit Office of the State Treasurer
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Read The Entire State Treasurer's Report

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Brian Hardzinski is from Flower Mound, Texas and a graduate of the University of Oklahoma. He began his career at KGOU as a student intern, joining KGOU full time in 2009 as Operations and Public Service Announcement Director. He began regularly hosting Morning Edition in 2014, and became the station's first Digital News Editor in 2015-16. Brian’s work at KGOU has been honored by Public Radio News Directors Incorporated (PRNDI), the Oklahoma Association of Broadcasters, the Oklahoma Associated Press Broadcasters, and local and regional chapters of the Society of Professional Journalists. Brian enjoys competing in triathlons, distance running, playing tennis, and entertaining his rambunctious Boston Terrier, Bucky.
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