Ada Sales Tax Collections Surpass $15M for Second Year
ADA, OKLAHOMA - With all of Oklahoma's state budget contraction due to the oil and gas downturn, good news was released for Ada's local economy in regards to sales tax collections and employment. Ada sales tax collections surpassed $15M and area unemployment declined to 3.6%.
Ada's sales tax collections for the fiscal year came in 1.1% over last year at $15,307,798. This marks the second consecutive and second historical fiscal year that sales tax collections have surpassed $15M. The increase equates to an additional $4.3M in retail sales and brings the total for the fiscal year to nearly $382.7M. Over the last 12 months, only 4 months under-performed the same month the previous year.
"Ada's retail sales tax collections have seen four consecutive record fiscal years since the Ada City Council tasked the Ada Jobs Foundation with stimulating the retail economy in FY 12/13", said Michael Southard, President and CEO of the Ada Jobs Foundation.
In addition, the most current employment figures show the Ada Micropolitan Statistical Area unemployment rate declining to 3.6% in April from 3.9% in March. This is in contrast to the state and national trend. Oklahoma had an additional 3,000 filing for unemployment and the unemployment rate increasing from 4.4% to 4.5%. The US unemployment rate remained at 5%, but the labor force declined by 360,000 workers in April.