Oklahoma Economy Posts Broad-Based Growth in August 2026, Treasurer Says

# What the report says State Treasurer Todd Russ released the August 2026 Economic Outlook Report showing continued momentum in several parts of Oklahoma's economy. The report puts annual state revenue at $18 billion and highlights stronger activity in energy and manufacturing. It also notes mixed signals on inflation and the labor market.

# Revenue picture Revenue was higher in August compared with the same month a year earlier across most major tax categories.

• Gross Production Tax revenue rose by $14.2 million (16.5%).
• Sales and Use Tax revenue increased by $36.1 million (6.1%).
• Income Tax revenue grew by $6 million (1.6%).
• Other Tax Sources increased by $1.3 million (0.9%).
• Motor Vehicle Tax revenue declined by $10.4 million (14.5%).

The report frames these results as broad revenue growth that supports near-term fiscal stability.

# Energy sector: higher prices and more drilling Energy activity strengthened in August. The average West Texas Intermediate (WTI) crude oil price was $83.90 for the month, and the state's rig count rose to 51. Those conditions supported producer revenues and the outlook for Gross Production Tax collections. Gasoline prices eased modestly, with a national average of $4.192 per gallon, but fuel costs remain higher than earlier in the year.

# Manufacturing: pickup in activity Manufacturing growth accelerated in August. The Business Conditions Index moved well above growth neutral, and the report cites stronger orders, production, inventories and employment. Improved employment conditions in manufacturing suggest firms are starting to rebuild headcount after recent softness.

# Financial markets and borrowing costs Index regained momentum after months of weakness, tracking a broader rise in national markets that included new highs for the Dow driven by solid corporate earnings and investor confidence. Mortgage rates were relatively steady through August after rising in July, but borrowing costs remain above 2026 lows, which continues to pressure housing affordability and buyer confidence.

# Inflation and labor market signals

Oklahoma's labor market remains resilient but is cooling gradually. The state unemployment rate stood at 4.3% in the latest figures, compared with a 4.1% national rate.

# What the report recommends watching The Treasurer's report points to three items to monitor as the state moves into fall: continued energy-sector performance and its impact on Gross Production Tax, the durability of manufacturing expansion and hiring, and inflation and labor-market trends that could affect consumer activity and housing.

# Where to find the full report