Wyoming’s economy is showing moderate growth, with positive employment trends but challenges in the energy sector, according to the latest MACRO Report from the Wyoming Department of Administration and Information. While statewide employment has been steadily increasing, with the statewide unemployment rate holding steady at 3%, the energy sector is facing headwinds due to low natural gas prices, declining oil prices, and a significant drop in coal production.
In terms of revenue, sales and use tax collections for the first three months of fiscal year 2025 are slightly down compared to the previous year, with severance tax collections also seeing a minor decline. The largest increase in sales and use tax collections was seen in Albany County, while the mining sector saw a significant decrease.
Despite these challenges, Wyoming’s second quarter house prices are on the rise, with Natrona County experiencing a 10.4% increase in home prices compared to the previous year. The state’s gross domestic product rose by 3.5% at an annualized rate from the first quarter to the second quarter of this year, slightly lower than the Rocky Mountain Region rate of 3.7%.
Overall, Wyoming’s economy is showing resilience in the face of challenges in the energy sector, with positive indicators in employment and housing prices. However, efforts to address the issues in the energy sector may be needed to ensure continued growth and stability in the state’s economy.
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