Wyoming’s economic landscape reflects both positive momentum in employment and ongoing challenges, especially within the energy sector, according to the Wyoming Department of Administration and Information’s latest MACRO report.
While Laramie County recorded steady job growth, statewide energy concerns and variable revenue data illustrate a complex economic picture for the state.
Laramie County posted notable employment growth, with 700 additional nonfarm payroll jobs year-over-year in August. Seasonally adjusted data from June shows a 900-job increase over the same month in 2023, totaling 49,000 jobs in the county. Laramie County’s unemployment rate reached 3.2% in June, slightly up from 2.9% in the previous year.
Statewide, employment saw a year-over-year increase of 1,700 jobs (0.6%) in August, with the unemployment rate remaining steady at 3% for the 17th consecutive month. Job growth was led by the private education and health sectors, which added 700 jobs, marking a 2.4% quarterly increase. However, Wyoming’s mining sector shed 400 jobs, a 2.3% decline.
While oil and gas rig counts are holding steady, low natural gas prices, falling oil prices, and reduced coal production pose challenges for Wyoming’s energy sector. Although oil production rose by 14.5% and natural gas production increased by 7.7% year-over-year in July 2024, coal production dropped by 23% over the first seven months of the year compared to 2023. Natural gas prices averaged $2.28 per MMBtu in September, down 37 cents from the prior year, while West Texas Intermediate oil prices fell by $19.19, averaging $70.24 per barrel.
Employment within the oil and gas sector declined slightly, with 9,300 jobs in August, down by 100 from the previous year.
State revenue data also provide a varied outlook. Sales and use tax collections in the first three months of fiscal year 2025 are down by $800,000 compared to the same period last year, marking a 0.3% decrease. Severance tax collections also experienced a modest decline. Notably, sales and use tax collections in the mining sector fell by $6.9 million, a 22.5% decrease from 2023.
However, certain regions saw positive revenue trends: Albany County recorded a 42.4% increase in sales and use tax collections compared to the previous year, while Platte County saw the largest decline, down by 24.5%.
Wyoming’s housing market also reflects growth. Second-quarter house prices rose by 6.4%, outpacing the national average of 5.9%. Natrona County saw the highest increase, with home prices up by 10.4% year-over-year, while Laramie County experienced a 6.5% increase. Residential development has also expanded, with the number of single-family homes up by 27.7% and multi-family units increasing by 104.8% through August.
Wyoming’s gross domestic product (GDP) rose by 3.5% at an annualized rate from the first to the second quarter of 2024. This increase exceeded the US GDP growth rate of 3% but fell slightly below the Rocky Mountain Region’s rate of 3.7%.
With input from Cap City News.
