The Wyoming Economic Summary Report for the third quarter of 2024 is now available, providing a comprehensive analysis of the state’s economic performance, Wyoming Tribune Eagle reports.
The quarterly publication includes detailed insights and graphical representations of key economic indicators such as employment, income, housing, taxable sales, tourism, agriculture, and selected revenue streams.
Wyoming recorded a modest gain of approximately 3,100 payroll jobs, representing a 1.1% increase compared to the same period in 2023. Growth was most prominent in the construction sector, which expanded by 3.5%. The government sector, including public education and hospitals, added 1,300 jobs, marking a 2% increase. Despite a slight rise, the state’s unemployment rate remained low at 3%, significantly below the US average of 4.2%.
“Although there was a moderate contraction in oil and gas drilling in Wyoming, the state’s labor market continued to progress, albeit at a slower pace compared to recent years,” said Wenlin Liu, chief economist with the Wyoming Division of Economic Analysis.
Total taxable sales saw a 2.7% year-over-year decline in the third quarter, following another drop in the second quarter. This marks the first consecutive quarterly decreases since early 2021. Mining activities experienced a steep decline of 27.3%, while retail trade sales dipped by 2.8%.
Conversely, the tourism sector showed strength, with Teton County benefiting from the second-highest third-quarter visitation to Yellowstone National Park. Lodging sales in the county grew by 10.3% year-over-year.
Mineral severance taxes increased slightly by 2% from the previous quarter but were 14.8% lower than the third quarter of 2023. Reduced oil, natural gas prices, and coal production contributed to one of the lowest mineral revenue totals since mid-2021.
In contrast, state investment income distributed to the general fund grew by 6.3% compared to the same period in 2023. This marks the highest third-quarter income in nearly two decades, driven by a high-interest rate environment and an expanded corpus.
Wyoming’s housing market reflected national trends of tight inventory and rising prices. Single-family home prices in the state increased by 5.9% year-over-year in the third quarter, outpacing the US appreciation rate of 4.3%. Despite a slowdown in national housing price growth, Wyoming’s market remains strong due to limited housing availability.
