Despite signs of a potential economic slowdown in Wyoming, Casper’s economy continues to exhibit strength.
The Casper Economic Health Index (CaEHI) rose to 106.2 in September 2024, up from 105.5 in September 2023, marking its sixth consecutive month of year-over-year growth. In contrast, the broader Wyoming Economic Health Index (WEHI) experienced its first decline since 2021, reflecting a more subdued state economy.
Key Economic Indicators:
- Employment Trends: Natrona County’s unemployment rate in September 2024 was 2.9%, slightly higher than the 2.6% recorded a year earlier. Despite this uptick, the county added 1.2% more non-farm payroll jobs, bringing the total to 40,800.
- Sales and Tax Collections: Sales and use tax collections surged to $10.3 million in September 2024, a 7.6% increase from the previous year. This growth suggests strong consumer activity in the region, bolstering local economic momentum.
- Housing Market: The average home value in Natrona County rose by 4.6% year-over-year, signaling continued confidence in the local real estate market.
At the state level, the Wyoming Economic Health Index dipped to 106.5 in September 2024 from 106.7 the previous year. Wyoming’s unemployment rate also edged up to 3.1%, the first time it has surpassed 3.0% since February 2023, though it remains below the national average of 4.1%.
Sector Variations:
- Mining Sector: Sales and use tax collections fell by 30.1%, highlighting challenges in Wyoming’s traditionally strong energy sector.
- Tourism Sector: Lodging tax collections rose by 23.7%, indicating robust growth in tourism activity across the state.
Jeff Kummer, an economist in the region, emphasized that Casper’s steady economic performance reflects resilience amid statewide challenges.
“Casper’s sustained growth in employment and consumer spending shows a dynamic local economy, even as Wyoming faces headwinds in key sectors like mining,” Kummer noted.
Casper’s economic resilience, demonstrated by rising employment, tax collections, and home values, sets it apart from the broader state economy, which is beginning to show signs of a slowdown.
Oil City News, Cap City News, County 17 contributed to this report.
