The Wyoming Economic Summary Report for the third quarter of 2024 revealed a mixed economic performance across the state, Buffalo Bulletin reports.
While employment continued to grow, other key indicators, such as taxable sales and mineral severance tax revenue, showed declines compared to the previous year.
Wyoming saw an increase of approximately 3,100 payroll jobs in the third quarter of 2024, a 1.1% rise from the same period in 2023. The construction sector led the growth, with employment in the industry climbing by 3.5% year-over-year.
Despite a slowdown in oil and gas drilling activity, the state’s overall labor market showed resilience. Wenlin Liu, chief economist with the Wyoming Division of Economic Analysis, noted that while the pace of growth has decelerated compared to the previous three years, the labor market continues to make progress.
Total taxable sales fell by 2.7% in the third quarter compared to the same period in 2023. This marks the second consecutive quarter of year-over-year declines, a trend not seen since early 2021.
Mineral severance tax revenue rose slightly by 2% from the previous quarter, but it was 14.8% lower than the same period last year, reflecting ongoing challenges in Wyoming’s energy sector.
On a positive note, the state’s tourism sector recorded strong performance during the third quarter. Teton County saw a 10.3% increase in lodging sales, buoyed by the second-highest visitation to Yellowstone National Park during the period.
The report highlights Wyoming’s economic adaptability amid fluctuating energy markets and slowing sales growth. While employment gains signal a robust labor market, the declines in taxable sales and mineral revenues underscore ongoing economic challenges.
The full Wyoming Economic Summary Report provides a comprehensive overview of the state’s economic conditions, offering valuable insights for policymakers and stakeholders planning for future growth.
